For Life’s Unexpected…
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long term care
In the early
The time to begin checking into a long-term care policy is before you know you will need one. This is an underwritten product. If the company underwriter picks up on anything abnormal, your application will either be surcharged or declined. Naturally, your age is a primary underwriting
There are several things to consider while making your choice of products. How long of a benefit period should you choose? The National Nursing Home Survey reports the average length of stay is 2.44 years. The vast majority of the cases will not exceed 5 years.
You will choose a waiting period. Your choices will generally range from zero days to a year.
An important endorsement is the inflation rider. You can choose a simple, compounded, or no daily benefit inflation rate increase. In the past, a simple 5 percent inflation rider has been adequate. That means each year your daily benefit would go up 5% of the original daily room rate.
Which company to choose? Sometimes the lowest premium is not the best choice. The company that has been the most stable in the business might be superior. Long-term care policies are not policies that you will change often. Many times you will only have one long-term care policy. As a result,