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Questions to ask before buying long term care insurance

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There are many reasons to purchase a long term care insurance policy. At the same time, you may be able to find a few reasons for avoiding this type of coverage.

Overall, there is no right or wrong answer as to whether or not you should purchase a policy. When it comes down to it, you need to do what's best for your budget and personal situation.

To ensure that you make the right decision, you may want to answer a variety of questions related to long term care insurance. These include but are not limited to:

-- Do you have the option to purchase group coverage through your employer?

-- What is included in the policy?

-- How much money will it cost you to get the coverage you need?

-- What happens if your long term care insurance company goes out of business?

-- Are you okay with the idea of spending money on a policy that you may never use in the future?

These questions are sure to put you on the right track to better understanding your situation. However, you can be rest assured that many other questions will come to mind as you answer these.

What matters most is that you are familiar with the pros and cons of long term care insurance, while also learning more about how much it costs.

You should also have a clear idea of what would happen if your insurer were to deny your claim. This doesn't happen all the time, but it's more common than many people believe.

Source: Forbes, "10 Questions To Ask Before Buying Long-Term Care Insurance," accessed July 11, 2016

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