Friday, July 22, 2005

Long Term Care Policies Must Be Carefully Selected

It is important that when you are buying Long Term Care insurance that you know all the proper questions to ask.

Is This a Long Term Care Company?

The first question is whether the company offering the policy is committed to this type of insurance. Many companies offer life annuities while others won't touch them with a bargepole. So, is Long Term Care policy one of their main sellers or is it just an add-on product? You go into a hardware store to buy paint but they also will probably try to sell you a hat. Make certain what products this company are mainly offering

Long Term Care Periods

The next problem is to determine whether you should have a policy where the rates are firm for 10 or 20 years or some other period.Of course the longer the period, the more you pay. But freezing the rate may be the smart thing to do. If the rates are raised for your class early in your policy period, you may save a lot of money. Another possibility is that you could pay upfront for the full term.

Long Term Care Company Should Be Strong

Overall you have to be satisfied that the benefit will be there for you when or if you need it.You need to consider your income in the later years; will you be able to keep up the policy and will the policy do what you need it to do? If one policy has tight restrictions on what it offers, you then need to compare it to others on your local market. Ask your friends if they have policies and compare them to what you are considering. If you are thinking about the wrong type of policy for you and/or your spouse, now is the time to realise it.

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