Benefits Marketplace
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Advisory |
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The insurance company
The financial strength of the insurance company is always an important factor. This is particularly so with long-term care insurance, because of the long time before coverage might be needed.
The cost
Long-term care insurance is not cheap. Any ethical sales agent should help assess whether a client can afford it over the long haul. The key to an affordable rate is buying the insurance when you are in your 40s or 50s, or at least no older than 65. The increase in premium as one moves from 45 to 55, and then to age 65 and beyond, is dramatic.
There are so many variables involved in the cost of a long-term care policy that it is difficult to generalize. Here are some typical situations, with strictly "ball park" estimates:
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