Who Should Buy Long Term Care Insurance? - Getting insured with long-term care usually comes with a high price tag. Therefore, it’s just normal to ask yourself, “Do I need long- term care insurance? What factors make purchasing a policy a good decision?”
About 70% of people aged 65 and above are estimated to require long-term care services. Meanwhile, about 40% of people between the ages of 18-64 years old might also require this type of care.
Financial Strength
Income may come from your employment or from your retirement. Your wealth and assets are fruits of your hard work therefore, it’s given that you will intend to protect them. LTC insurance can do exactly that. Should time come that you need to avail of long-term care services, you can be sure that your nest will not be affected of this expense. Thanks to this insurance policy.
Those who are financially capable should consider long-term care insurance. If you have a steady stream of income at a moderate level, then you can consider yourself as such.
If you have a steady source of income, start planning now on how you can pay for long-term care premiums. You may consult a financial adviser on how you can allot an expense for long-term care insurance with how much you earn. Premiums may cost high, but purchasing is very feasible, especially if you are earning a reasonable income.
The rich and wealthy can self-insure and may decide against applying for this policy. On the other hand, the vastness of your wealth can shrink anytime. Furthermore, paying outright for long-term care services can decrease your wealth considerably. LTCI can still work for you as it can act as a safety net for your assets.
Health Condition
If your health is still at its prime, then you’re a great candidate to be a holder of a long-term care policy. Buying while you’re still healthy may entitle you to up to 10% discount off your premiums. You can also have better LTCI coverage if your buy at a younger age.
About 70% of people aged 65 and above are estimated to require long-term care services. Meanwhile, about 40% of people between the ages of 18-64 years old might also require this type of care.
Who Should Buy Long Term Care Insurance?
Given these figures, who needs LTCI is more of a question of who can afford its cost, since it’s safe to say that the majority of us will require long-term care sooner or later.Financial Strength
Income may come from your employment or from your retirement. Your wealth and assets are fruits of your hard work therefore, it’s given that you will intend to protect them. LTC insurance can do exactly that. Should time come that you need to avail of long-term care services, you can be sure that your nest will not be affected of this expense. Thanks to this insurance policy.
Those who are financially capable should consider long-term care insurance. If you have a steady stream of income at a moderate level, then you can consider yourself as such.
If you have a steady source of income, start planning now on how you can pay for long-term care premiums. You may consult a financial adviser on how you can allot an expense for long-term care insurance with how much you earn. Premiums may cost high, but purchasing is very feasible, especially if you are earning a reasonable income.
The rich and wealthy can self-insure and may decide against applying for this policy. On the other hand, the vastness of your wealth can shrink anytime. Furthermore, paying outright for long-term care services can decrease your wealth considerably. LTCI can still work for you as it can act as a safety net for your assets.
Health Condition
If your health is still at its prime, then you’re a great candidate to be a holder of a long-term care policy. Buying while you’re still healthy may entitle you to up to 10% discount off your premiums. You can also have better LTCI coverage if your buy at a younger age.
Some policies may not cover for preexisting conditions. If you already have underlying conditions prior to application, don’t fret. Some policies still cover care for this area; however, there can be a waiting period before benefits will start to kick in.
For Women
Women are expected to live 5 years longer than men. Given their life expectancy, they require long-term care more. 60% of policy holders are women and 70-80% of claims are paid to them. Not lonely do women have a higher life span, they also have a greater need to be covered when it comes to long-term care. (Source: For more full article pleas visit Who Should Buy Long-Term Care Insurance?)
For Women
Women are expected to live 5 years longer than men. Given their life expectancy, they require long-term care more. 60% of policy holders are women and 70-80% of claims are paid to them. Not lonely do women have a higher life span, they also have a greater need to be covered when it comes to long-term care. (Source: For more full article pleas visit Who Should Buy Long-Term Care Insurance?)
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