Buying Long Term Care Insurance Now?!?!

It is the perennial question.  Any long term care insurance agent gets asked at least once a week, Why do I want to buy long term care insurance now?’.  It goes something like this:

But I am only {insert age – it could be 45 or 71!} years old.  I won’t need long term care insurance for many years yet and I am still in great health.  Why would I buy this now?

Buy Long term Care Insurance youngerThe answer is always the same as well:

Because it is cheaper to get long term care insurance policies now while you are as young and as healthy as you can be.  The longer you wait, the more it costs both annually but also over the life of ownership.  AND…if you wait too long, you may not health qualify any more.  (Yes you do have to pass a health test before you can buy long term care insurance)  If you try to buy it once you are bordering on needing it, no one will touch you.  That’s like trying to insure your house once there is smoke curling out the roof.  Not gonna’ happen!

But we can say it until we are blue in the face.  People don’t believe it.  When I finally do the math on the premium if they wait, they grudgingly agree that it may cost them over their life of ownership if they wait.  And still they wait….

All of us in this field have also helped the person who said, “Well, we should have bought it 5 years ago when we looked.  It was SO much cheaper!”  We nod and agree with them, but since that train has left the station we can now only repeat the earlier statement:  get it now – you are as young and as healthy as you will ever be.

Denial is not a physical country as the old joke states:  it is a real space in a person’s head.  Whether they are denying that their health is poor (say, you have diabetes already –even if it is well controlled, this is not “good” health!), that they are aging, or that they will ever be in care.  So long as you stay in that place, you are risking everything you have worked hard to save up on a 70% chance you will deplete it paying for care in your senior years.  When people tell me they are just going to have to “risk it” – I know they are in that denial space.  If anyone TRULY believed they would need 3 years of care in their 80s or 90s – the insurance is way cheaper and the math just won’t lie.

So, yes…  buy long term care insurance now.  Buy it while you are as young and as healthy and as CHEAP as you will ever be on price.  Time and gravity are not your friends – most of us will be in care before we die.  The only question is – will you have insurance to cover it, or will you hemorrhage your own money to pay for it?



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