When To Purchase A Long Term Care Insurance Policy

Long term care insurance can be a great way to prepare for your retirement years, but when should you purchase a policy? Long term care insurance is unique in that it is something you may not use for years or even decades. Younger people may not be as interested in long term care insurance because they feel that it ties there money up, or that retirement is so far away. However, buying a policy when you are young can save you money.

As you get older, you may acquire more health problems which may make it harder for you to find suitable coverage within your budget. There's also a greater chance of being rejected for long term insurance coverage as one ages. In your 60s there's a 2 out of ten chance you will not be approved for long term insurance coverage.

No matter what age you are when you purchase a policy, always get more than one quote. Using the form on InsuranceBureau can help you to save money. One form can get you multiple quotes from long term care insurance companies that fit your criteria.

Sources

1. What's the best age to buy long-term care insurance? Retrieved April 23, 2008, from http://www.iii.org/individuals/longtermcare/ltc_age/