When you purchase protection, from the date of acceptance by the company, along with payment of your first premium, the entire benefit is available. Can you imagine saving to replace your home in the event of a fire? It would take years and the same is true for setting aside or investing the annual premium you’ll be paying for your long term care insurance. Most importantly, we never know when we might have a need for care and that is why we protect ourselves with insurance.

The purpose of long term care insurance is to protect yourself (and your spouse) during your prime income earning years in your 40’s, 50’s, 60’s and just as important, upon retirement. Imagine if you (or your partner) had to spend down your 401K, SEP, IRA and other tax advantaged savings, or money set aside for a child’s college education or wedding, and other investments because of an accident or illness – a heart attack or stroke that imposed limitations. Most likely, without the protection of insurance, your financial resources would be exhausted long before your need for care is over. In addition, as you reach your 70’s, 80’s and beyond, the long term care insurance you acquired early on can help protect your lifestyle and independence; as well as allow your estate to avoid the significant impact long term care can have upon your assets.

Take steps now to protect your family and those you care about because the time to act is when you are healthy; and the younger you are, the more affordable your protection will be. We’ve worked with many families still raising children or saving for college and retirement, who put in place a basic plan they intend to make an addition to down the road. Almost all changes of health are unforeseen and obtaining coverage once you are sick can be very challenging. Often it surprises us and our clients who are in their late 40’s or early 50’s, to learn that they have a health condition that raises their annual premium, or may cause them to be uninsurable. The longer you wait to obtain coverage, the greater the chance is that this might be the case. You’ve worked long and hard to build your nest egg. Are you willing to gamble your lifetime of savings on the health of you and your spouse?