If you currently have a long-term care policy,
and want to replace it with a different policy, do not cancel
your existing policy until you have been approved for the new
one.
Make sure you can afford your LTC Insurance
premiums not only now, but for the rest of your life. Could you
afford the premium if it were to increase in the future?
Make sure that you can afford to pay for
your care during the elimination period you chose not only now,
but 10 or 20 years from now when the cost of long-term care will
have increased substantially.
If you are under the age of 70, make sure
you purchased inflation protection.
If you are not sure of the benefits you
want to apply for, we recommend applying for the highest benefit
you think you may want. It is easier to reduce your benefits after
the underwriter gives you an offer than to increase your benefits.
Make sure you check out the financial ratings
and long-term care experience of the insurance company you are
considering.
Review the outline of coverage that the
agent is required by law to give you. This summarizes the important
features of the policy. This is something you can use to compare
it to other plans you are considering. We don't recommend comparing
plans using only the glossy product brochure as there is not a
lot of information on them.
Ask the agent what the "free look"
period is and when it begins.
Be sure to give the agent the correct and
complete medical information on your application. If you don't,
the company can refuse to pay your claim for benefits or even
cancel your policy!
Ask the agent if you will be required to
participate in a telephone interview or a face-to-face interview
as part of the underwriting process.
Ask the agent to explain all the terms you
don't understand and questions you have about the policy
