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Eight Reasons to Purchase Long Term Care Insurance

By Compuquotes Team on March 27th, 2008
Long Term Care

Long term care insurance is an important protection for you and your family. Many people choose not to purchase long term care coverage because they don't feel that the expenditure is justified. However, when one really reflects about the security that this type of insurance provides, the coverage is certainly worth more than the cost of the premiums.

  • 1. Longer Life Expectancies

People are living longer today than generations past, in part due to the incredible advances that have been made in the healthcare industry. The fact that people are enjoying longer lives means that they'll need more money than ever before to fund their retirement years. There may not be sufficient assets to cover long term care when such is needed if the proper insurance coverage is not in place.

  • 2. Potential For Serious Health Problems

Because life expectancies are increasing, there is also an increasing likelihood that people will survive long enough to develop serious health problems that that necessitate temporary or permanent long term care. The longer you live, the more likely it is that you'll find yourself in need of the benefits provided by long term care.

  • 3. Eligibility Can Change

Individuals who put off purchasing long term care until they think they are old enough to need this type of coverage can, unfortunately, find themselves ineligible for a long term care policy. Once an individual is diagnosed with a health condition that classifies him or her as being a high risk candidate for eventually needing long term care, it becomes impossible to get coverage.

  • 4. Sound Retirement Planning Investment

Purchasing long term care is an important part of the retirement planning process. The purpose of planning for retirement is to make sure that you have enough money to take care of your needs and those of your spouse during your senior years. It's one thing to make sure you have enough money saved to allow you to quit working and to enjoy a leisurely retirement lifestyle. It's another matter entirely to plan for the costly and possibly very long running expense of long term care.

  • 5. Increasing Cost of Long Term Care

Long term care is a very expensive proposition. Very few people can afford to pay for proper long term care directly from their savings or retirement income accounts. Those without long term care insurance can find themselves in the unfortunate situation between getting the care they need and losing everything they have.

  • 6. Protection of Assets

If you find yourself needing inpatient long term care and you don't have the proper insurance coverage, you could find yourself losing all the assets that you have worked a lifetime to build. The cost of long term care, for you or your spouse, could literally drain all of your financial resources if you do not have proper coverage.

  • 7. Maintaining Property for Your Heirs

Your home, your savings, and all the other assets that you hope one day to leave to your children could have to be surrendered to offset the cost of funding nursing home care during your senior years. If you want to make sure you have a financial legacy to leave to your children, one of the best decisions you can make is to purchase long term care coverage.

  • 8. Peace of Mind

One of the most important motivators for purchasing any type of insurance coverage is simple peace of mind. When you have a sufficient amount of long term care coverage, you won't have to worry about finding a way to pay for such care if it is needed. A long term care insurance policy may cost you a few dollars each month, but the sense of security it affords is priceless.

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