Americans are fiercely independent, especially the “baby boomer” generation, and with that comes the desire to maintain control over one’s life, especially during retirement. So where does Long Term Care Insurance fit in? When boomers begin thinking about their Long Term Care risk, the idea that the control in their retirement could possibly be lost at some point in the future due to the need for Long Term Care is concerning. This fear often becomes the catalyst for securing Long Term Care Insurance.
Protecting assets requires strategic moves such as securing a Long Term Care Insurance policy to protect decades of hard work and finanical diligence. Indeed, most folks will have worked 30-plus years before they retire, and in the process they will have made many sacrifices to save not only a nest egg, but also maybe even an inheritance for their children and family.
After all this hard work, the last thing a person wants to spend their nest-egg on is care in a nursing home and having to give their last dime to the stranger who owns it. Essentially, a Long Term Care Insurance policy builds a shield around a person’s nest egg, protecting it from the sheer high cost of needing Long Term Care.
In generations past, family members were the primary caregivers for their elders.However, the reality today is much different, with families spread across the country and both spouses often working full-time. It is simply no longer feasible to take care of Mom or Dad. The prospect of becoming a burden on loved ones is a powerful motivator for many to invest in Long Term Care Insurance. This protection helps solve an important problem by enabling people to take better control of their retirement, protect their assets throughout their retirement years, and avoid becoming a burden on their children.
The Time to Act: The Financial Logic of Early Investment
- Long Term Care Insurance policies are guaranteed renewable. This means that as long as you pay your Long Term Care premiums, you will have coverage.
- Long Term Care Insurance premiums are based on your age at the time you purchase your policy; therefore, the sooner you purchase your policy the lower your premiums will be.
Should you buy Long Term Care Insurance? With the many advantages of having an LTC Insurance policy, deciding whether or not to buy one should be easy.
Who Needs Long Term Care Insurance? Assessing Your Personal Risk.
- If you are over 45 years old and have assets to protect, you should consider buying Long Term Care Insurance.
- If your family has a history of illnesses such as Alzheimer’s Disease, cancer, brittle bones, cardiac problems, stroke, etc., Long Term Care Insurance should be on your radar.
- If you are still healthy, you should consider buying Long Term Care Insurance. Waiting until you get sick or injured is too late! No Long Term Care Insurance company will insure you, and you will have to pay for Long Term Care out of your own pocket.
At LTC Tree we are different than local agents, watch this video on our process. Our virtual process has NO sales presentation so you can buy Long Term Care Insurance from the comfort of your own home. Learn more on how to buy Long Term Care Insurance by clicking the link below.
Reviews of each company’s financial stability ratings, claims experience, and size.
A side-by-side comparison of each company’s policy features. We cover the similarities and the differences.
Price comparisons customized to suit your specific needs from top carriers such as Nationwide, Thrivent, New York Life, National Guardian Life, Mutual of Omaha, and more.