I recently polled a view of my fellow brokers who specialize in long term care insurance. To a person their number one tip for buyers was this: buy young. Since price is based on how old you are when you purchase, you are best served to buy younger. And though it defies logic, you will be LESS over the life of ownership if you buy it younger.
Now, is there a point where you are too young? Possibly. Much hinges on your situation. I have one client who bought at age 29 because she had two older brothers who were diagnosed with Muscular Sclerosis in their 30s. I think she bought at just the right age, frankly. I have another client who bought at age 35 thru her worksite because she could get simplified underwriting – this meant we could get her thru underwriting with the health issues she already had. If she had applied outside of her work, she wouldn’t have cleared. But she had a narrow window to sign up at simplified issue. She took it. I think she bought at just the right age.
Currently, the tipping point on these is somewhere in the 40s, though. Once you have turned 40 years old, usually you wills save some on the premiums if you buy before the next birthday rather than wait another birthday (or heaven help you, 5 birthdays!).
I know high-profile folks like Dave Ramsey and Susie Orman all recommend you wait a bit longer – but they don’t know all the ins and outs of the math or the health underwriting. They are giving blanket advice to a crowd. You are not the crowd. You are unique. So why not explore the possibility in your 40s – you can always still wait. But if you WAIT, you can’t ever back up.
So buy younger. It saves you money and covers you in case something horrible or cataclysmic should happen like it did to Christopher Reeves. And, after all, what have you got to lose but a little bit of time in exploring it? That little bit of time might mean everything to you and your family down the years.