This blog post is designed to provide general information on the subjects covered. It is not, however, intended to provide specific estate planning, insurance, tax or legal advice. Please note that LTC Consumer and its representatives do not give financial planning, tax or legal advice. You are encouraged to consult with your tax advisor or attorney concerning your own situation.

Am I Too Old To Qualify for Long Term Care Insurance?

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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.

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