Who should consider long-term care insurance?

There is really no way to determine who will eventually need long-term care, but the statistics do show that 70% of people age 65 or older will need long-term care at some point. Some agents suggest shopping for long-term care policies between the ages of 45 and 55 as part of a comprehensive retirement plan. The more you age, the harder it is to qualify for a policy. This suggested approach helps protect your hard-earned savings from being drained by assisted living expenses that could become extensive.

Types of Policies

There are generally two types of long-term care policies available. Traditional or Combination/Hybrid policies. Traditional polices, the most common, are paid on a continual basis like other types of insurance that require regular premiums. Some policies have a “return of premium” rider. This means that a death benefit will be paid to a beneficiary if the person covered dies at a time when the benefits received up to the time of death is less than premiums paid to the insurer. Combination/hybrid polices combine life insurance or an annuity with long-term care coverage. Most often, hybrid policies are easier to qualify for.

More Information?

Long-term care insurance can be confusing, that’s why an independent agent is your most valued asset. When you call one of our agents at Senior Insurance Services, 1-800-594-5393, we will answer all your long-term care questions and help you find an affordable policy that fits your needs.