In some of our previous blog posts we have covered the basics on understanding long term care insurance (LTCI) and the health underwriting that goes along with it. We have also covered when you should get LTCI, which is when you are young and healthy enough and have assets to protect, in short.
Now let’s assume you are ready to purchase long term care insurance and you feel strongly that insurance is the right choice for your long term care plan. But can you be too old to obtain coverage?
Below is a list of issue ages* for current products from carriers that we represent.
Traditional Long Term Care Insurance:
Genworth Financial: 40-75 years old
John Hancock: 40-75 years old
MedAmerica: 18-85 years old
Mutual of Omaha: 30-79 years old
Transamerica: 18-79 years old
Combination Life/Annuity and Long Term Care Insurance:
Lincoln Financial Group: 30-80 years old
Minnesota Life: 0-85 years old
Nationwide: 40-75 years old
OneAmerica: 50-80 years old
The question of age is important because every year older before you buy a policy, cost goes up. Also, as we age we often begin to have health issues that can make you uninsurable regardless of age. We recommend looking into a long term care plan between 50-60 years of age. Speak with a specialist today to learn more about what option may be best for you, or read more about why it is best to buy long term care insurance at a young age.
LTC Consumer is an independent, free online service to help consumers understand what long term care insurance is, how it works, and how to evaluate coverage options. Our mission is to provide an educational, no-pressure resource for learning about long term care planning, with the opportunity to speak with specialists who can help them.
*Issue Ages vary based on product and product availability. Please check with a specialist for further details.