It's your health that buys long term care insurance

In meeting with a client last night, I got into a conversation about the future of long term care insurance and client's health. You don't have to be in perfect health at this point, but at the same time, you have to be in fairly good health for long term care (LTC) insurance. Something to remember is that it is not money that buys LTC insurance but your health. LTC insurance companies are getting more conservative in their underwriting for clients. Is the day going to come where most people will not be eligible due to their health? Who knows. I do know it is harder to get clients approved which is why I have expanded the companies that I offer. This way I can help those clients who's health is not the best.

So when is the best time to buy LTC insurance? There are two times.

1. 3 months before you need it.
2. The youngest you can afford to put something in place.

You don't have to be 50, 55 or 60 to purchase an LTC policy. I have spoken with people who thought you had to be 50 to purchase a policy. You can get a policy as young at 18 years old. I encourage you to take a look at LTC insurance and get education to make a decision on whether it is appropriate for you. It's not right for everyone. We'll talk more about that tomorrow.