There are typically two types of people who consider buying long term care insurance. Those who immediately understand the value (often due to personal experience), and those who hesitate because they’re not sure if it’s right for them.
It’s common to have questions or reservations when planning for your future. Here are a few common hesitations people experience.
Hesitation: It’s a Tough Issue to Talk About
Talking about the realities of getting older isn’t high on anyone’s list of fun conversations. Even though the statistics show the harsh reality of challenges we face getting older, it’s difficult to have these conversations with your spouse or family members.
Solution: Don’t be afraid to lighten the conversation with humor when appropriate. Get professional advice and be educated so the topic isn’t as scary or difficult to talk about.
Hesitation: It Requires Medical Underwriting
Long Term Care insurance may require a phone health interview, pulling your medical records, and/or a in person interview. This may seem like a hassle or invasive causing hesitation and apathy in buyers.
Solution: Treat it like Life Insurance. Surely no life insurance company would cover you if you were dying, right? Similarly, no LTC company will cover someone who is close to needing care. LTC insurance is bought with your health, so don’t wait until it’s too late.
Hesitation: It’s an Investment for the Future
People invest in their futures with 401(k)’s, stocks, rental properties, and more. But for many, the price tag on an LTC policy causes hesitation because the need for care seems so far away in the future. Not to mention, what if I don’t need it?
Solution: LTC insurance also covers you in the event you’re injured and need care sooner. Think of it as an extra layer of protection for your future that’s worth investing in while you’re young and healthy.
Hesitation: They Haven’t Been Through an LTC Event Yet
It’s hard to imagine needing care unless you’ve experienced if first hand with an aging parent or grandparent. Those with personal experience dealing with care know how expensive and burdensome it can be on a family.
Solution: If you haven’t experienced this yourself, talk to friends or coworkers and hear their stories. Prepare now so your family doesn’t have to deal with the physical, emotional, and financial burden many families face.
Interested to learn more? Speak to a long term care planning expert today about your hesitations to buy long term care insurance. They can help determine if it’s right for you.