Home About Us Resources Account View Login Contact Us Richard Gerrity, CPA, CLU, ChFC connect LTCI Cost of Waiting What Is the Potential Cost of Waiting to Purchase a Long-Term-Care Insurance Policy? There is a time-honored phrase related to long-term-care insurance and it goes like this: "Your money pays for long-term-care insurance, but your health buys it." As one ages, the risk of not being able to qualify for long-term-care insurance may increase due to deteriorating health. In addition to the risks of health problems as we age, the dollar cost of long-term-care insurance rises dramatically because the insurer has less time to accumulate sufficient reserves to cover its part of the risk. A complete statement of coverage, including exclusions, exceptions, and limitations, is found only in the long-term-care insurance policy. It should be noted that carriers have the discretion to raise their rates and remove their products from the marketplace. Your current age: 18 25 35 45 55 65 75 84 The annual premium (in dollars) for a long-term-care policy at your age: (If you do not know the premium, see your insurance professional for a complimentary quote.) 0 2k 4k 6k 8k 10k Previous Next This hypothetical example is used for illustrative purposes only. Actual results will vary. This information is not intended as tax, legal, investment, or retirement advice or recommendations, and it may not be relied on for the purpose of avoiding any federal tax penalties. You are encouraged to seek advice from an independent tax or legal professional. The content is derived from sources believed to be accurate. Neither the information presented nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. This material was written and prepared by Broadridge Advisor Solutions. © 2021 Broadridge Investor Communication Solutions, Inc. Securities and advisory services offered through LPL Financial, a Registered Investment Advisor, Member FINRA | SIPC. The LPL registered representative may only discuss securities or transact business with persons who are residents of CA, DE, FL, GA, IN, KY, ME, MI, MT, NJ, NY, NC, OH, PA, SC, TN, TX, VA, WA. Site Map Back To Top Check the background of this investment professional