Many folks are asking about long-term care insurance these days and really they should. Most all financial planners and life insurance brokers discuss this with clients. The financial planners are required by law to make mention of it and the life insurance brokers know that long-term care insurance is often as or more important than the life insurance itself. Many life insurance companies offer long-term care insurance as an option or rider on their life insurance policies.
Often, this is enough to clinch the deal for the life insurance policy and it really gives the life insurance companies’ customers peace of mind. Why is long-term care insurance so important? Well, whether an elderly person chooses in-home care or finally needs to go into an assisted living situation, the costs can easily drive them into bankruptcy and prevent their children from getting any of their life savings or any inheritance at all.
You can see what this becomes so important to folks and their kids. Plus, having the option of in-home care is a wonderful thing for older folks and people are living longer now and thus, without this insurance they can easily eat up their life’s savings fast at $300 per day in an assisted living facility or with in-home care.
If you are in your fifties or early sixties and in good health you should look into buying long-term care insurance, because if you wait too much longer after that the insurance company may not be willing to accept your application. Much of the insurance premium costs are based on your health at the time you apply. Think on this.