Alternatives for a long term care insurance

2007-03-08 10:33:40

( Health )



You might be thinking of term life insurance for it is one of the least expensive forms of life insurance you can buy. If you buy term life insurance or even if you buy cheap term life insurance, it would not cost you much yet it might not be the best choice as a primary insurance. To find the best term insurance is tough because there are only a few who offer this supplemental life insurance. Term life insurance quotes can be found online though.

If you do not have the money and is not healthy enough to get the traditional long term care insurance, you can still be given the proper care without it. You may come across products that will give you a long term care benefit when you consider your long term care financing options – no matter what your health is.

There are many reasons why people purchase annuities. But a new reason for many people to consider annuities is the fact that limited long term care benefits are being offered by some companies to uninsurable people as part of their contract.

Why would you be uninsurable in the first place you might ask? You might not be able to acquire long term health insurance due to health reasons. You may be uninsurable for life insurance because of a heart problem but you may be easily insurable for long term health insurance. This is because insurance companies check different conditions for them to be able to know whether you are insurable for a particular type of insurance.

Deferred annuities that add a long term care benefit after a certain number of years are offered by some insurers. There are no medical questions for this annuity which makes it easier for people who cannot buy long term care insurance buy this annuity. There are advantages and disadvantages for this kind of long term care coverage. The disadvantage is that if the insured need care before the long term care benefit starts, they would not be covered. On the bright side, if they need care after the policy’s “waiting period” was over, they would be provided the long term care benefits that would not be provided for them otherwise since they are really uninsured. The usual annuity with a deferred long term care benefit would pay a percentage of the annuity amount after 7 years. Adding this benefit to your annuity is a corresponding cost. The terms of the rider varies depending on the insurance companies.

If you are uninsurable for long term care insurance and you are planning to buy annuity, you should really consider this type of annuity for it has its strong potentials to help you with future long term care costs.

Insurance policies for the uninsurable are offered everywhere. These insurance products are subject to regulation by the state divisions of insurance, plus their premium prices must be approved before the policy can be sold.


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