As we turn a leaf into the new year, here are some Long Term Care reminders and how the product works.
People who have Long Term Care policies can file a claim if a medical professional deems that the insured cannot perform two of the six daily living activities at an adequate level. These include bathing, eating, dressing, using the restroom, continence, and the ability to get from point a to point b. Anyone between the ages of 30 and 79 can apply for LTC coverage, however, there may be some age limitations depending on the policy. Once a policy is effectuated, that price will be locked in for the duration of the policy. As one gets older, LTC becomes more expensive.
Once a claim is filed and approved, the monthly premium is waived as the benefit gets paid out. Every LTC policy is subject to underwriting by the carriers.
If a person does not meet the underwriting criteria, they will not be eligible to purchase LTC from any carrier. These include the six daily living activities and any other medical conditions that may affect their eligibility for coverage, in addition to financial reliability. All of these factors are considered when determining if LTC is right for someone. Based on an individual’s qualifications, they are approved for LTC under different classes: Preferred, Select, Class I, and Class II. Class II can only be approved with underwriting approval. If LTC is not right for you, there may be some alternative coverage options.
Peace of Mind
The biggest thing Long Term Care offers is peace of mind to the people who are purchasing a policy. Even if the policy is not needed throughout one’s lifetime, knowing that in the back of your mind that everything is taken care of if something happens is going to be important to customers. Especially in these uncertain times with the COVID-19 Pandemic, people will want to dot every I and cross every T. Telling them about Long Term Care will give them options to make sure they are covered in case something bad goes wrong.
Life Insurance Questions?
We hope this information on Long Term Care Reminders is helpful.
If you’d like to learn how we can help you plan your retirement, call Empower Brokerage to speak to one of our Life and Annuity experts (888) 539-1633
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