|
Just did a comparison yesterday between a 70-year-old woman’s long term care insurance quote and that of a couple who are in their mid 40s, and the results are amazing! The elderly woman’s policy covers a maximum benefit period of five years and a maximum daily benefit of $150, and for which she has an annual premium of $330. Meanwhile, the long term care insurance quote which a couple has secured courtesy of their insurance agent shows an annual premium of $570 for a joint policy that covers a maximum daily benefit of $200 for a maximum period of 10 years. That’s a big difference, isn’t it? All the more do I understand now why I need to compare a long term care insurance quote from one insurance company with that from another. I know for a fact that one’s age is a vital factor in determining his annual premium, but aside from this there is no denying there are other components that will dictate the cost of his premium. The type of inflation protection in one’s policy is one. Though the automatic compound inflation of 5% is advisable to policy buyers who are less than 60 years old, this is not something which is imposed on them. If they can only afford a policy with a simple inflation protection, by all means this is what they’ll get. Back to the comparison above, both the 70-year-old woman and the couple settled for an elimination period of 30 days. Looks like the elderly woman will really need a shorter waiting period but the couple has the option to lower their premium by adjusting it from 30 to 90. After all, with their joint savings and conjugal assets they will definitely get by. At 45, I was already advised to gather at least five insurance companies that offer LTCI products so I have more to choose from. I’m still on the lookout for those with the best reviews from A.M. Best Company, Moody’s, Standard & Poor’s, and other renowned rating agencies. I’ve heard stories of people investing so much into their LTCI policies only not to receive a single cent afterwards when they’re badly in need of long term care. Some of them have managed to spend out-of-pocket as they are lucky to have assets apart from what they have in the bank. If you have real estate properties, buildings for rent, livestock, stocks and bonds, you’ll probably live even if your insurer runs away with your money. Still, nobody would want that to happen to him. Even the richest person will have a hard time recovering if his investment goes kaput. By the way, economists nowadays consider LTCI policies one form of long-term investment synonymous with stocks and bonds. Perhaps the reason behind this is that there are certain types of LTCI policies that promise the protection of your assets apart from ensuring your LTC needs will be covered when the time comes that you’ll qualify for it. Get details on the provisions of CLASS Act at CompleteLongTermCare.com. Learn more information about the 3 in 4 need more campaign.
Related Articles -
long term care insurance, long term care,
| 
