The ‘baby boomer’ generation – and Americans in general – are an incredibly independent people. The possibility that your control in retirement could be lost at some time due to the need for long-term care is daunting. So the question is usually not if but ‘when to subscribe to Long Term Care insurance?’ Boomers who are giving some thought to their long term care risk quickly realize the importance of this form of insurance.
Asset Protection is another major driving force to buy Long Term Care Insurance. In fact, most Americans work for more than 30 years before retirement comes knocking. In the process, they make a lot of sacrifices to save not only a nest egg but also maybe stash some inheritance for their immediate family and children.
And after all this hard toil, the last thing anyone would want is to spend their nest egg in a nursing home – giving up the last dime to people who run these costly nursing homes. Long Term Care Insurance policy comes across as a protective shield that guards your nest egg, shielding it from the sheer high-costs that manifest when you need long term care.
Another major force that drives Americans to purchase Long Term Care insurance is the notion of becoming a burden to their family and children. In the past, families took care of their elderly members. Nowadays, kids are spread all over the nation. Both husband and wife work, and it’s becoming increasingly challenging to take care of Dad or Mom during their Golden years.
Long Term Care Insurance can be a fiercely valuable form of protection that enables folks to better take charge of their retirement. It’s also a great strategy to protect assets throughout retirement, and avoid being a burden to your family or children.
Thinking of buying Long Term Care Insurance? Two key points you should consider
- Long Term Insurance policies are renewable (guaranteed). This means that as long as you’ve paid your premiums, you’ve got coverage.
- Long Term Care Insurance premiums are calculated based on your age at the time you decide to buy the policy. Thus, the earlier you purchase your policy, the lower your premiums.
So should you buy Long Term Care Insurance? With all the many benefits that subscribing to an LTC Insurance policy brings, making this decision should be easy.
Who Should Consider Buying Long Term Care Insurance?
- Are you over 45 years of age wit assets to protect? Buying Long Term Care Insurance could be one of the best decisions you made.
- Do you have a family history with ailments such as cancer, Alzheimer’s disease, brittle bones, stroke, cardiac problems, etc? If so, you should seriously consider buying Long Term Care Insurance.
- It’s usually a great idea to purchase Long Term Care Insurance while you’re still healthy. Keep in mind that no Long Term Care Insurance firm will insure you after you’ve gotten sick or injured. In such any case, you’d have to pay for Long Term Care out of your pocket.
At LTC Key, we are much more than a local outfit. We leverage a virtual process that has NO sales presentation so you can purchase Long Term Care Insurance right from the comfort of your sitting room. You can watch this video to learn about our process, or click below to find out more about how we can help you plan for the future.