Long-term care is an insurance policy that’s designed to meet a person’s personal or health care needs, allowing them to live as independently as possible while receiving help with everyday activities and managed care facilities like nursing homes. These costs are generally not covered by standard insurance policies, and based on the average duration of care, can become a financial burden for families.
Long-term care recipients are predominately receiving care based on age. According to the AALTCI, the recommended age to purchase this insurance is 50. However, this coverage can also apply to other individuals, helping them perform daily living routines in case of certain disabilities or physical setbacks. The younger you are when first applying, the cheaper the policies tend to be; this could be an excellent policy for a young professional to safeguard many eventualities into the future.
While this can be purchased as a standalone product, we also offer Whole Life insurance, which includes long-term care coverage. While hybrid policies like these can have increased premiums, because of the wide range of factors they cover, your and your family’s risk is greatly reduced. Additional coverage is available for the insured’s spouse as well, providing additional value and assurance.
People in this century are living longer and longer thanks to advances in medical science and social factors like an increased emphasis on eating right and exercising.
Guarantees are based upon the claims paying ability of the issuing insurance company.