2006-11-14 12:47:19 · 6 answers · asked by alan_inman 1 in Business & Finance ➔ Insurance
In a person's retirement years, he will usually have planned money for retirement use. Seldom do people realise that it is unexpected health emergencies in later life that will financially devastate. Older people are at higher risk of falling ill. They may also become unable to take care of themselves, e.g. due to illness, accidents, stroke.
When this happens, the family will need to hire a live-in nurse or put him into a nursing home. Either way, expenses increases yet the principal amount for retirement fund depletes.
Therefore, to financially protect oneself adequately, after 50 years old, it is most important to purchase long term care insurance. Do not buy too late as premiums will easily double at age 65!
2006-11-15 00:24:34 · answer #1 · answered by floozy_niki 6 · 0⤊ 0⤋
Maybe you don't need to. It depends.
Do you believe you are going to live a long time?
If you "take too long to die", do you think that you might need skilled care to help you with normal daily activities?
Are you worried that you might not have enough money to take care of that possibility?
This is one type of coverage that people need to seriously consider and for which careful research is needed. Visit your state Department of Insurance website, which can be found at http://www.naic.org/state_web_map.htm Or, go to your state's Department of Health website. Eventually you will find good consumer information about LTC insurance.
Long-term care insurance isn't cheap. However, the annual premium for a good contract is about equal to what you might pay in one month for care.
The major insurance companies in this market are John Hancock, Genworth, MetLife, and Prudential. If you decide to buy, I would find an agent that can represent all of those companies, not just one of them, so that you can make an informed choice.
Finally, if you are over 50, don't put this off. LTC insurance is getting more difficult to qualify for. My wife and I bought it, but if we were to try and qualify for it now, we wouldn't be able to due to chronic illnesses we have gotten since we successfully applied.
2006-11-14 22:50:40 · answer #2 · answered by SafetyDancer 5 · 0⤊ 0⤋
because you won't live on Social Security forever, and also you might out live medicare and what they pay for and you would be paying a lot more then you would to have a LTC policy now if you want I can get you some prices on LTC just send me a note and we will go from there
Lfie Insurance Specialist
Rahn Sidebotham II
2006-11-14 20:52:09 · answer #3 · answered by rahnside 2 · 1⤊ 1⤋
One of many reasons -- humans are generally living longer these days and doctors keep people alive despite complete lack of quality of life, so you might want to be sure you have money to pay for someone to take care of you when you can no longer take care of yourself and they wont let you die with dignity.
2006-11-14 20:53:58 · answer #4 · answered by Anonymous · 0⤊ 0⤋
uhhh in case you need long term care?
2006-11-14 20:49:07 · answer #5 · answered by Mommyk232 5 · 0⤊ 0⤋
for safety
2006-11-15 17:15:00 · answer #6 · answered by Anonymous · 0⤊ 0⤋