One of my female clients just called, age 65. She had procrastinated buying Long Term Care insurance for several years. She was rolling the dice, and simply hated to "put out the money." However, as she neared her 65th birthday earlier this year, she felt it was finally time to get her insurance in place. Her call just now said: Mary, please quote me and use me for an example. I just had a colonoscopy, and they discovered cancer. The first thing I thought of was how glad I was I had already purchased my LTC insurance." I am saddened about her cancer, though the outcome looks very positive. But she is absolutely right: She could not qualify for coverage now, had she procrastinated. And LTC insurance would be unaffordable for her several years from now after the "waiting period for cancer" is completed.
I cringe when potential clients postpone their decision to purchase LTC. (I have too many examples like this in my memory box.) I always tell them the biggest risk they take by waiting is their health. All the money in the world won't help if you can't health-qualify to apply.
Here's the stats: This is the % of applicants declined for coverage in 2014:
- Below age 50: 14%
- Ages 50-59: 21%
- Ages 60-69: 27%
- Ages 70-79: 45%
What's your "why" for waiting? Let's talk. 405.470.2444