The Back Burner Approach to Buying Long Term Care Insurance

1-pot-on-stoveI had quirky professor who once said she put ideas or issues “on the back burner” to let them simmer and come out more flavorful the next time she looked into them. It was a poetic way of saying, she didn’t have any resolution so she tucked it back until time gave her more insight. But buying long term care insurance flavors poorly when put on the back burner…

This is the one type of insurance that you buy with both money AND health. While time may increase your money (if you are a wise investor) it will not increase your health. Eventually time and gravity – cruel as they can be – will eventually claims your ability to get thru underwriting. By age 60, one third of all applicants are declined because of health according the data from the AALTCI. By age 70 it is over half and by 75 almost no one is clearing underwriting.

Further, the price is based on age – younger is cheaper. So if you have waited until age 60 (the common advice given by current financial gurus), your price is over double what it would have been had you bought at age 50.

Simply put, when the purchase of long term care insurance is put on a back burner, it doesn’t get better…it just burns.
So if you have turned 40 years old – it is time to start thinking about it. I know, I know! You are young and healthy and don’t need it yet. But (duh!) if you wait until you NEED it you can’t GET it…. So look into buying long term care insurance while you are young and healthy…its cheaper!

Part 1- Long Term Care,  The Basics

LINKS ABOUT BUYING LONG TERM CARE INSURANCE

Handing Down the Kingdom – A Plan for Aging Well

Handing Down the Kingdom

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