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Age, health, and qualifying for long term care insurance

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There may come a time when you decide to shop for a long term care insurance policy. Some people do this early in life, while others continue to put this off.

Many factors come into play when shopping for coverage. Not only will you consider your situation, but insurance companies will examine many details to determine if you are eligible for a policy and how much it should cost.

Your age and health will always come into play when shopping for long term care insurance. Generally speaking, the younger and healthier you are, the less you will pay for a policy. This is why it makes sense for most to purchase before they reach the age of 50.

Here are some points to consider:

-- Insurance companies typically offer discounts to buyers who are in perfect or good health.

-- If you receive a discount, it should remain in place even if your health changes.

-- Every insurance company has the right to establish its own health requirements.

-- There are health conditions that are considered acceptable.

-- The number of applicants who are denied for health reasons increases as a person gets older.

If you come to the conclusion that you need to purchase a long term care insurance policy, don't hesitate to request quotes, compare your options, and decide when to move forward. There is a lot that goes into calculating the cost, including your age and health. With each passing day, you get older. Furthermore, the chance of a health concern increases. This is why you should not delay in buying a policy once you decide in favor of doing so.

Source: American Association for Long-Term Care Insurance, "What's The Best Age To Buy Long Term Care Insurance," accessed Aug. 24, 2015

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