Save money on long term care insurance by qualifying for good health discounts.
This money saving tip may seem all too obvious, but you can save 15% on long term care insurance with a Preferred Health Discount. That translates to savings of thousands of dollars. Never the less, field underwriters report that many healthy individuals reason that they can wait to buy coverage until a later time. Perhaps they don’t need coverage at all. After all, they’re healthy, right?
Well, this kind of wishful thinking is really shortsighted. If you are healthy and do live a long life to a ripe old age, the one thing you can be sure of is that you will probably need care and assistance in your golden years. For most, it won’t be a matter of IF, but a matter of WHEN.
Will You Stay Perfectly Healthy For The Rest Of Your Life?
Twenty or thirty years is a long time to maintain perfect health. Many significant health events come with little or no warning. Unfortunately, many don’t realize this until it’s too late. Even if they are still insurable, the increased cost for waiting too long may be prohibitive. Even worse, many will just become uninsurable. In fact, as many as one third of long term care insurance applications are declined for health reasons.
Will You Wait Too Late To Get Long Term Care Insurance?
| Applicant Age | Percentage Declined Coverage |
|---|---|
| Under Age 50 | 7% DECLINED |
| Ages 50 to 59 | 14% DECLINED |
| Ages 60 to 69 | 23% DECLINED |
| Ages 70 to 79 | 44% DECLINED |
| Ages 80 and Over | 70% DECLINED |
A more prudent long term care planning approach is to take advantage of one’s good health today for lower insurance rates and preferred health discounts that can save thousands of dollars. Remember, once you have been approved, you cannot lose your good health status even if your health changes for the worse in the future.
When it comes to buying long term care insurance, there really is no time like the present. Don’t be a penny wise and a pound foolish by using your good health as an excuse to pass up on buying long term care insurance. Make a wise financial decision and take advantage of your good health today to save thousands of dollars in insurance premiums today and tomorrow.
