Wisconsin residents, if you are thinking about buying long-term care, allow us to answer any questions or concerns you have in today’s installment of Life Insurance Thursday. On average, people looking to secure long-term care insurance are in the age range of 45-to-54.
The best tip we can give you about purchasing long-term care is the earlier you buy, the more you will save. You will pay less annually when you start younger than if you wait until you are in your 50’s, 60’s, or 70’s. Very similar to term life insurance, with a long-term care policy, you will save more money in the grand scheme of things.
When you start younger, the requirements to sign up are not as stringent as they are when you get older.
Age and health matter when buying long-term care coverage.
Buy a policy when you are healthy and eligible for coverage.
Pick a reliable agent before you purchase the policy. An experienced agent, like our agents here at Community Insurance & Associates, will be able to recommend a good company for you and set you up with a policy that is a good fit for you.
Remember it is cheaper to buy a long-term care policy with your spouse or partner. Codependents can save up to 30% if you apply with your partner, according to Life Happens.
As the inflation rate continues to raise, it is a good idea to buy sooner rather than later.
Buy before your next birthday, longer term care rates will raise as you age.