Tip #323- When Is The Best Time To Buy LTC Insurance?
We had another of our educational meetings here in Mequon Thursday afternoon. The topic was “Introduction to Long Term Care (LTC).”
It was asked, when is the best time to buy coverage?
My answer was to provide some relevant statistics:
- $5,000 of annual premium (combined) for a husband and wife at age 55 will buy each ~ $6,800 of monthly benefit; at age 60, that same $5,000 will buy ~$5,900 of monthly benefit; at age 70, only $3,700.
- the average age of an LTC applicant is 57; 29% of applicants are <55; 54% are age 55-64; just 17% are +65.
- 17% of applicants under age 60 are declined for coverage; 25% from age 60-69; more than 44% over age 70.
Conclusion; you will never be healthier and younger than you are today!
Our next educational meeting is this Thursday (7/20), again at our Mequon office. The topic is: “Will You Outlive Your Life Insurance.”
All of our meetings will be repeated at our downtown location starting in August. View the complete schedule and RSVP at our website; click here.
