● A lower cost: Plan costs go up for each year of age. It's 33% higher if you wait to 55 vs buying at 50 and 60% higher at age 60 vs 55! Thus, buying early is important.
● More benefits: Waiting to age 55 vs buying at 45 means — having to buy an initial benefit pool of over $400,000 vs the $250,000 pool bought at 45. How? The $250,000 bought 10 years ago increased each year with a 5% compound inflation option — in addition being 10 years older means a higher cost.
● A good health discount: American Association Long Term Care Insurance (AALTCI) found:
˃ Just 53.9% of people between 40 and 49 qualified for a health discount.
˃ Between 50 to 59 just 44.2% did.
˃ From 50 to 59 - 31.9% did. From 60 to 69 it was just 18.8%.
● A higher chance of being accepted: AALTCI also found:
˃ Up to 33% of individuals 60 to 69 had health problems and were not able to qualify.
● Another study of 10 leading long term care insurance companies found:
˃ 13.9% of individuals 50 to 59 did not qualify.
● Individuals in this video share some insights on buying this important coverage early. Its a short 2 minutes and from Life Happens.
Call John C Parker today at 860.739.0005 for an appointment. We can talk about Long Term "Health" insurance options to meet your interest & budget. I'll get back to you if not available.
You can also send a note to - Learn@JohnCParker.agency