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17
JAN
2013
Last Updated

Why Buy Long Term Care Insurance?

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Americans are fiercely independent, especially the “baby boomer” generation.  When they begin thinking about their Long Term Care risk, the idea that the control over their destiny could possibly be compromised at some point in the future due to the need for Long Term Care becomes one of the main driving forces in taking the steps towards buying Long Term Care Insurance.

Protecting assets is another main driving force in buying Long Term Care Insurance.  Indeed, most folks will have worked 30-plus years before they retire, and in the process they will have made many sacrifices to save not only a nest egg, but also maybe even an inheritance for their children and family.

After all this hard work, the last thing a person wants to spend their nest-egg on is care in a nursing home and having to give their last dime to the stranger who owns it.  Essentially, a Long Term Care Insurance policy builds a shield around a person’s nest egg, protecting it from the sheer high cost of needing Long Term Care.

The last main force that drives people to buy Long Term Care Insurance is the idea of becoming a burden on their children or family.  In days gone by, family took care of family.  Now, however,  children are spread out all over the country, and both husband and wife work.  It is simply no longer feasible to take care of Mom or Dad.

As an invaluable financial planning tool, Long Term Care Insurance helps to solve a lot of problems by enabling people to take better control of their destiny, protect their assets throughout their retirement years, and avoid becoming a burden on their children.

 

Two final points to think about when considering Long Term Care Insurance:

  1. Long Term Care Insurance policies are guaranteed renewable.  This means that as long as you pay your Long Term Care premiums, you will have coverage.
  2. Long Term Care Insurance premiums are based on your age at the time you purchase your policy; therefore, the sooner you purchase your policy the lower your premiums will be.

Should you buy Long Term Care Insurance?  With the many advantages of having an LTC Insurance policy, deciding whether or not to buy one should be easy.

 

Who Should Consider Buying Long Term Care Insurance?

  • If you are over 45 years old and have assets to protect, you should consider buying Long Term Care Insurance.
  • If your family has a history of illnesses such as Alzheimer’s Disease, cancer, brittle bones, cardiac problems, stroke, etc., you should especially consider buying Long Term Care Insurance.
  • If you are still healthy, you should consider buying Long Term Care Insurance.  Remember, once you get sick or injured, no Long Term Care Insurance company will insure you, and you will have to pay for Long Term Care out of your own pocket.
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