U.S. and World Newswire : Insurance News

Buy Long Term Care Insurance Long Before You Need It, Experts Advise

Published: Fri, 19 Jan 2007, 00:22:00 EDT

Edited by Carly Zander

KIRKLAND, Wash. - Jan. 19 (SEND2PRESS NEWSWIRE) -- The best time to buy long term care insurance is not retirement age but in one's 50's, 40's, or 30's, according to LTC Financial Partners LLC, the nation's most experienced long term care insurance brokerage. Why?

CEO Cameron Truesdell gives five reasons:

1. Get a policy before you can't. "Thousands of Americans are turned down for long term care insurance every year," says Truesdell. "They put off applying until health problems arise, when they may be uninsurable. That's like waiting until you have an accident to apply for auto insurance."

2. Save a bundle on premiums. "When you're young and healthy, rates are really low. If you wait 7 or 8 years, you may find that rates for a person your age have doubled." The younger you are when you lock in a rate, the less you'll pay overall, Truesdell emphasizes. "While insurance companies reserve the right to adjust rates for policies after they're purchased, the more reputable carriers -- which our organization represents -- maintain rate stability as covered individuals age."

3. Qualify for a Good Health Discount. "You could save 10% to 20% year after year if you're in good shape when you apply. This is in addition to the savings you enjoy if you buy when you're younger." The chances of qualifying for a Good Health Discount go down with age, Truesdell points out. "At 30 or under, a majority of applicants qualify; beyond 70, less than 20% do."

4. Protect your nest egg and lifestyle. "As more people live into their 80's, 90's, and beyond 100, long term health issues become more likely," Truesdell points out, and the resulting bills can quickly deplete one's life savings. "With long term care protection in place, you can live long and enjoy your prosperity without fear of sudden poverty."

5. Let Uncle Sam pick up more of the tab. "Tax deductions for LTC premiums increase as you age, while premiums remain stable," Truesdell says.

Information on age-based rates from multiple carriers is available from the LTC Hotline -- www.ltchotline.com/age-based-rates.html -- that is manned by Truesdell's network of over 240 experts. Inquiries are welcome from 30-something's as well as those in their 40's, 50's, 60's, or older.


Text provided by an agency, EraNova Institute, on behalf of the news source.

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