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Did You Know: Long Term Insurance

News You Can Use

Did your Know?

With more and more consumers concerned about how to pay for Long Term Care should they need it, there are some new avenues to pursue that might be more financially advantageous to
pay for this type of care.

First, Long Term Care Insurance, depending upon an individual’s age, can be quite expensive,
perhaps several thousand dollars per year or more.

Secondly, Long Term Care Insurance policies are subject to an applicant’s “medical evidence of
insurability.” This means individuals with certain health issues may not be eligible to purchase
such policies or, at best, obtain these policies with a substantial increase over a company’s
standard premiums.

Third, most Long Term Care policies DO NOT have a permanent guarantee of premium rates. if
an insurance carrier’s “block of business experiences a high utilization of claims,” the insurance
company has the right, and often will increase a policyholder’s premium, which may become
prohibitive within a family’s budget.

IS THERE ANOTHER ALTERNATIVE?

Yes. There are new Life Insurance policies on the market with select A+ rated carriers that may include
Long Term Care and Critical Illness benefits within the policy, often, at N0 EXTRA COST. According to
LIM RA, the Life Insurance Institute, 70% of Americans over the age of 65 will require some long term
care in their lifetime. Using this type of Life Insurance plan may be more financially advantageous, and
since the premiums remain level, the policy holders don’t have to worry about future premium
increases.



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