Long-Term Care Insurance Quote

When considering a long-term care insurance policy, it is helpful to get a quote from more than one company, just as you would when comparing annuity rates. Understand, however, that insurance rates are regulated to a degree, and you should not see wide variations in rates from one company to another. The difference may be in the riders, or optional features, that different companies offer. Still, you need to compare long term care insurance rates from several companies.

Your rate will be affected by several factors: your age, your health, the daily benefit amount and the benefit period, as well as by any riders you choose. The older you are when you purchase the policy, the more you will pay. This is only one reason not to put off buying a long-term care policy. By buying at a younger age, you are more likely to be approved for coverage.

The insurance company will take your health into consideration when determining your rate.

You will be asked to answer questions about your health history, including family history, and any medications you are taking. The company may also request your medical records from your doctor to confirm your health history. If your health is poor, you may be quoted a higher rate, or you may not be offered a policy at all.

Your agent can help you to determine the best daily benefit and benefit period for your needs. The daily benefit is the amount per day that the contract will pay for your care. You want to select a daily benefit that is adequate but not too high. Remember that the policy will only pay the actual cost of the care, so do not pay for a higher daily benefit than you need. The benefit period (three, five or seven years, or lifetime) determines how long the payments will last.

Discuss any available riders with your agent to determine which, if any, are right for you. Some riders can add significantly to the cost of the policy and may never be used.

Understand that a quote is not a contract. If you are quoted a certain rate by an agent before your health information has been verified, it is entirely possible that the underwriters at the insurance company will offer a different rate. The rate that the agent quotes you is only an estimate. Your final rate will be determined when the contract is offered, and only when you pay the first premium will the policy be in force.