A lot of consumers don’t consider buying a long-term care policy until well after retirement, but most insurance experts advise people to look into their options sooner. What is the right age to buy insurance? There is no right answer, but it makes sense to do your planning at whatever age you seriously begin planning for your retirement, whether in your forties or in your sixties.
Thinking long term care insurance is for “seniors”, most people are surprised to learn that the average age for new long-term care insurance applicants is now 57. Knowing that premiums based on your age, many people now opt to purchase while premiums are more manageable. Prices are typically lower for these younger policyholders because they are likely to pay premiums longer before collecting any benefits.
What’s more, people in their forties and fifties are less likely to be denied coverage due to a pre-existing condition, as age and health are key factors that determine an individual’s eligibility for long-term care insurance. Young applicants also qualify for good health discounts, which reduce premium costs and hold steady even if health conditions change later. Consider this – one in five 60-year-olds will be declined coverage based on their health. For people in their seventies, almost half (45%) will not health qualify!
It is better to buy long term care insurance 10 years too early, than try to buy it one day too late.
The time to secure your future with a long-term care policy is now. Contact me today for a no-cost, no obligation consultation on your long-term care planning options.
This is a good read. I’ve been planning on setting up my financial plan, and I think it’s good to know that it’s better to buy long term care insurance 10 years too early. I’ll certainly take this into consideration. Thanks for sharing!
My brother and I understand that our parents aren’t getting any younger so we want everything to be ready for them once they decide to retire. I’ve heard about this insurance policy that is suitable for people who are age 50 and above. Both our parents are around that age and I suppose it’s time that we speak to them about them about it and start shopping around for an insurance company that could provide it.
We can help. Call us at 800-625-9267 and ask to speak to one of our specialists. They can walk you through the options that may be available to them.