Cost is one of those excuses people make to justify avoiding various types of insurance. While it’s the law to carry automobile insurance if you own a car, it’s not against the law to ignore life insurance or long-term care insurance. Even though a person in his late 30’s or early 4o’s may already know why life insurance is so vital, especially if he or she has a family, they might not bother at that time. Yet, it becomes far too easy for people to become complacent about life and death. The same is true when you’re talking about long-term care and long-term care insurance.
Because too many people see it as an expense, rather than precisely what it is: protection. Life insurance is designed to help protect loved ones, dependents in the event the worst thing happens.
Cemeteries are full of people who had other plans that day. None of us knows what tomorrow will bring. Perfectly healthy men and women, some older than you, some younger, woke up this morning never doubting they would fall asleep in their own bed that night, but never did.
Who in their 30’s, 40’s, or 50’s, who is in good health, would even consider they might require some type of long-term care soon?
Not many. So they put it off. Then they may forget all about it. Or delay starting a policy month after month, year after year.
Do you know what tends to happen to people who delay this important type of insurance? They may suddenly find themselves in their mid-60’s, dealing with a potentially serious health crisis, and be denied long-term care insurance.
Then they try to afford long-term care.
If they have a retirement fund, investments, or savings, that could be completely depleted within short order for some types of long-term care, such as a nursing home.
Just a couple of months (not even really considered ‘long-term’) could cost tens of thousands of dollars.
So, how long can you wait before starting a policy?
If you are in your late 40’s to mid-50’s, not much longer. Sure, you may be able to get away with waiting a while longer, but depending on your health, family history, and other factors, the risk of being denied this type of policy or having the cost be too much increases.
The best option is to look into and begin a long-term care insurance policy as soon as possible, and no later than your mid-50’s. Just remember, though, if you plan to wait… none of us is guaranteed tomorrow. It might not be worth the risk.