- Posted May 21, 2014 by
This iReport is part of an assignment:
The written word: Your personal essays
Learning The Much More About Long Term Insurance Polices
We often are disillusioned by the policies with type of policies which fall under long term care insurance as we simply have no idea as to it is and what is for and its significance in our life. There happens to be no doubt in fact there are numerous insurance companies providing innumerable diverse policies. These policies are indeed heterogeneous in nature and one can comfortably depict one’s own need and requirement to avail one of these. Not all insurance companies help in describing the policy well to their client. In those cases, it so happens that we take a policy which happens to be practically irrelevant to our scenario as well as to our specification and hence there is evident wastage of investment with inapposite covers. This very case has even more remorseful consequences when the policy taken falls under long term care insurance.
Many of us don’t realize the real value of long term care unless and until we are into dire circumstances. For example John who had been earning quite well, bought a home after his two years of marriage to moving in with his wife and son. He had been approached with multiple companies offering him quotes for distinct plans which would cover him and his family under miserable times but like everyone else he postponed it to another day for a year. After a year exact from his movement into his new house, he was seen coughing blood at a neighbourhood store and is now suffering with stage 3 cancer. John is under tough waters indeed as his time here is limited and he hasn’t done anything substantial to secure his family’s future when he is gone, hence underlining the significance of long term care insurance plans in an individual’s life as we do not wish to face anything remotely similar what john is facing in this present times.
Steps after understanding the gravity
Now that we have understood gravity related to insurance policies especially ones with long term plans, the next task to conduct is to find the right insurance policy that fits your requirements and provide the type of cover that you need. As mentioned above that there are numerous companies offering numerous policies, it becomes important and almost critical to perform a background research on the market trends for these insurance policies and then comparing them with one and another to understand what they are offering and what we need. New data released by the US government showcases the rise in the long term care insurance policy takers which has risen to over 50 percent hence indicating the presence of long term care insurance across the state. This kind of figure has helped the insurance industry to flourish as well.
Insurance is vast and while looking at the options available, we need to consider the following points in order to make the best decision. They are as follows:
Evaluate your asset. For long term care policies, one should have at least assets of $100,000.
How much you need? This translate asks you to ponder on your requirements thoroughly before investing in it. These policies can be customized as well hence one should be absolutely clear about future prospects.
Check there medical cover for whole family
Compare the options at websites which provide a platform for comparison when it comes to comparing different long term care policy amongst each other.
Consider a policy with inflation protection. If considering a policy for senior citizen, do include GPO which stands for Guaranteed Purchase option.
Whom to contact for righteous details
You can always consider a freelance financial advisor which can assist you in your decision making process and makes you aware of all the current trends prevailing in the insurance industry. Being a market expert with years of experienced they help us making a refined choice when it comes to long term care insurance. There are websites like LTC’s tree where one has tools and much needed information for learning about insurance policies. Such website are known to offer in depth analysis, comprehensive research relating vivid benefits, cost and type of cover offered by any kind of policy hence enabling a individual to make ideal financial decision. Both freelance financial advisors and experts at these websites strive to provide most accurate and up to date information regarding long term care so that the choice they make happens to be the best.