When the economy sours, a lot of people draw back, especially from investment and optional insurance. One insurance that too many people discount, especially when the economy is going through some turbulent air is long-term care insurance. Getting a long-term care insurance quote would help to make an informed decision.
You might be a person fast approaching 50 or moving right through your 50s. You may be listening to the financial pundits right now discussing a looming recession. More and more so-called “experts” are warning about a global recession that we’re beginning to tilt into.
If that’s the case, doesn’t it make sense to draw back? Doesn’t it make sense to put your money in safer investments or savings? Doesn’t it make sense to avoid unnecessary expenses?
Sure, all of that does make sense.
Yet, drawing back on certain types of insurance isn’t the smartest move. Even if we end up in a very long and difficult recession, even a depression, does that mean you should cancel your life insurance policy?
Most people would adamantly agree that no, that doesn’t make sense. What if you’re struggling financially all of a sudden? What if all your investments have gone belly up? What if your pension is suddenly slashed by 50 or 70 percent?
You may suddenly be looking at the long end of delayed retirement. So, does that mean you should cancel your life insurance policy? What if something happens to you? Who would take care of your spouse, children, or other dependents?
No, people who are responsible enough to have a life insurance policy will generally keep it intact as long as they can, even during recessions.
But, what about getting a long-term care insurance quote?
That’s a little different, isn’t it? With a life insurance policy, everyone knows they are mortal. Yet, not every life insurance policy is going to be in effect until that person dies. Some will be in effect for only 10, 15, or 20 years before they expire.
Still, a person in their 40s or 50s would carry a policy like that, if it made fiscal sense for them to do so because they want to protect their loved ones.
That’s exactly what a long-term care insurance policy can and often does do. Most people have no idea of the cost of long-term care these days. They don’t think about it because they assume their insurance will cover it. Or, if they’re approaching their mid-60s or so, they assume Medicaid is going to cover everything.
That’s not going to happen. Medicaid only covers a certain type of elder care, most commonly nursing homes in most states, and only after the individual uses up all their savings and assets. What assets? Even the equity in their home.
A long-term care insurance policy helps protect all that.
You may never need it. You may never need long-term care. That would be a wonderful thing. However, a growing percentage of seniors do because, as we get older, health and physical challenges and limitations increase. So, even when the economy is turning the wrong way, don’t assume you should ignore it, even as you’re about to turn 60.
The longer you wait, the more likely you may be denied coverage. And no one wants to deal with that, in a good economy or a bad one.
If you or a loved one are considering a Long-Term Care Insurance Quote in Rancho Bernardo CA, please contact Steve Elliott at Capstone Insurance for an honest discussion about your future and your options. Call today (858) 350-3161.
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