Purchasing long-term care insurance can be a challenging and frightening task. You can’t obtain prices directly from the companies nor on the internet. There is no ratings agency for insurance plan professionals that tells you whether the one you are speaking with is helping or simply selling the only policy they are able to promote.
Every year just over half a million People in america apply for long-term care insurance. Most start the process as a result of reading the newspaper or magazine article, getting a direct mail solicitation or perhaps because their employer offered the coverage. Most admit they had no idea where to begin and did so with much doubt and trepidation.
There is a publication produced by insurance regulators called the Shoppers Tutorial but it is about as handy and current today as a volume of the Encyclopedia Britannica. Great if you want to push flowers but lousy if you want assist when considering long-term care insurance.
The realization that consumers wanted something that wasn’t easily available inspired me to focus on the topic at a talk given recently before a group of aging baby boomers. That they had heard about the risks that ensue through living a long life and the potential cost of long-term care. What they desired to know was how to proceed. How can these people tell who is telling the truth plus who is giving a canned sales pitch.
Here are two of the points I shared and I hope they assist you to as well.
Are You Talking To A Dental professional Or An Orthodontist?
Like most people, I go to my dentist once a year. Sure he’d like me to come more often but after all, I always know much better. Of course , when my children had been young, they did go each six months — because you want to great for them. When two needed brackets, did my dentist offer additional? Of course not.
It wasn’t because he had flunked out of dental college. He hadn’t. It was simply because it was a very specialized field that needed a high degree of knowledge and experience.
Well, exactly the same is true when it comes to long-term care insurance policy. Some insurance products are digital commodities. No real expertise needed to sell them. Long-term care insurance plan isn’t one of these. In fact , it may well be the single most complex insurance defense product offered today. That’s why the insurance agent who sold you vehicle or homeowners insurance probably certainly not brought up the topic. He or she is terrified you are going to ask a question they don’t have an answer to.
So , tip number one; seek out a specialist. How do you spot one? Well very first, hopefully they’ll be a member of the industry’s trade association focused on education criteria. But more likely, simply ask when they can provide you with three or four references of pleased clients.
If You Find A Lower Price — We’ll Match It
I confess it. I am a savvy bargain hunter. And Google makes it so much simpler today to comparison shop. But as though the purchase of insurance was not intimidating enough, comparing prices is difficult. When it comes to long-term care insurance, it can be downright daunting.
And, when I buy a computer at Best Buy, I know You will find 30 days during which I can shop for a lower price. Try asking a long lasting care insurance to match the lower price. Actually, save your time and energy — it’s not going to happen.
When it comes to shopping for long-term care insurance you basically have two options. Create your own excel document and start shopping for coverage. When you find what you need apply and see if the insurer accepts you. Some will, others will accept at a more costly premium. And, to be fair to the many specialists who may lead with the lowest possible cost, some may actually offer you a preferred or even lower rate than you anticipated.
You’ll want to compare costs from the six leading long-term care insurance companies; Genworth, John Hancock, Mutual of Omaha, Prudential, MedAmerica and LifeSecure. There are others you might add to your checklist as about 20-to-30 companies provide these products.
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A thorough comparison will probably take 10-to-12 hours of your time and as I noted above you very likely will need to submit at least one application to make sure you can health qualify at the desired price. Remember that you can cancel any policy within 30 days — it’s called the free look period.
A better recommendation is to hire someone to do the buying you. In this business experts work with free to boot. They only get compensated if and when you purchase a product they have recommended.
Let the expert shop the market for you personally based on their experience and comprehensive knowledge of the company, their acceptable criteria and policy costs.
Buying extensive care insurance does not have to be frightening or difficult. Work with an expert and you should find it much more satisfying than you anticipated.
The American Association regarding Long-Term Care Insurance is the national trade organization providing consumers with relevant and current information designed to help you make smarter decisions. The Organization does not sell insurance products but works with several thousand insurance and monetary professionals nationwide.