How to Choose a Long Term Care Insurance Specialist
Decide if your circumstances are such that you will need coverage for long term care., Ask the following questions: What is the commission the agent is going to charge you?, Analyze the policy to learn how long it will last., Understand whether this...
Step-by-Step Guide
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Step 1: Decide if your circumstances are such that you will need coverage for long term care.
If you have sufficient assets, you may not need it.
However, those who do not expect to have substantial and ongoing income in their senior years will want to investigate long term care insurance and find a policy which will be very flexible and long lasting, and which includes the smallest commission possible. -
Step 2: Ask the following questions: What is the commission the agent is going to charge you?
This is usually a hidden fee, rolled right into your premium, so be sure to ask.
What insurance products do you offer besides LTC insurance? The aim of this question is to find out if the person's a specialist, selling only or mainly long term care insurance.
You don't want someone who divides their attention between LTC, auto and life.
What insurance carriers do you represent? You want someone who offers a choice of A-rated companies that offer a range of solid, affordable policies.
About how many LTC clients do you have? A seasoned specialist will have dozens to hundreds of satisfied clients.
I understand there are tax breaks and other financial ramifications to long term care insurance.
Can you advise me on such things? A yes is the best answer here.
Well-informed agents know about the relevant regulations, but don't stray into tax law or estate planning details.
Instead, they work with knowledgeable financial advisors, accountants, estate planners, and attorneys.
How can I learn more about you? The aim of this question is to find evidence of recognized authority.
Do they have any professional designations? Can they name local professionals who recommend them? Are they scheduled to speak at an upcoming event? Do they give talks to groups or companies on request? Can they be found on the Internet?"
Many policies will cover you only for four years, after which you will need to start blowing through your assets if you are still alive. , Many facilities are very limiting in who they will accept.
If you have a policy which allows you to go only to certain facilities, and those facilities won't accept you because you are diabetic, you will have a problem. -
Step 3: Analyze the policy to learn how long it will last.
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Step 4: Understand whether this policy will cover you at any institution you may need to use.
Detailed Guide
If you have sufficient assets, you may not need it.
However, those who do not expect to have substantial and ongoing income in their senior years will want to investigate long term care insurance and find a policy which will be very flexible and long lasting, and which includes the smallest commission possible.
This is usually a hidden fee, rolled right into your premium, so be sure to ask.
What insurance products do you offer besides LTC insurance? The aim of this question is to find out if the person's a specialist, selling only or mainly long term care insurance.
You don't want someone who divides their attention between LTC, auto and life.
What insurance carriers do you represent? You want someone who offers a choice of A-rated companies that offer a range of solid, affordable policies.
About how many LTC clients do you have? A seasoned specialist will have dozens to hundreds of satisfied clients.
I understand there are tax breaks and other financial ramifications to long term care insurance.
Can you advise me on such things? A yes is the best answer here.
Well-informed agents know about the relevant regulations, but don't stray into tax law or estate planning details.
Instead, they work with knowledgeable financial advisors, accountants, estate planners, and attorneys.
How can I learn more about you? The aim of this question is to find evidence of recognized authority.
Do they have any professional designations? Can they name local professionals who recommend them? Are they scheduled to speak at an upcoming event? Do they give talks to groups or companies on request? Can they be found on the Internet?"
Many policies will cover you only for four years, after which you will need to start blowing through your assets if you are still alive. , Many facilities are very limiting in who they will accept.
If you have a policy which allows you to go only to certain facilities, and those facilities won't accept you because you are diabetic, you will have a problem.
About the Author
Sandra Bell
Professional writer focused on creating easy-to-follow home improvement tutorials.
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