Looking for long-term care insurance? Avoid these mistakes.
Long-term care insurance is one of the most important purchases that you will ever make. Since it will come at a cost, you need to be wise in buying this product so that you will get the suitable coverage for you without breaking the bank. If you’re in the market for this product, here are a few mistakes you need to avoid making.
- Waiting too long
Procrastinating is probably the worst mistake that anyone can make when it comes to buying long-term care insurance. Since your insurability and the price of premiums are highly dependent on your age and health, it is well worth securing insurance as soon as possible. When you wait until you’re older before you buy, you’ll either need to pay a stepper premium or worse, get turned down.
- Failing to read the fine print
Before buying insurance, be familiar with the definitions and terms of the contract so you will know when and how you can use the benefits. Long-term care insurance is not a one-size-fits-all policy. You should know exactly what you’re buying before you hand in your first premium payment. This way, you will know when the right time to make a claim is and you will not have a hard time getting it approved.
- Buying based on price alone
The gap between the least expensive and the most expensive policies can be wide. While the price may factor into your choice, don’t let it control the coverage you need. Consumers should buy long-term care insurance from a large, stable carrier with the resources to be around when the coverage is needed. You can talk to your insurer at Donald Weiss Insurance Services about how to find affordable insurance without compromising on coverage.
People buy long-term care insurance to manage a future risk. However, when you commit any of these mistakes, having this policy could turn out to be counter-productive. It pays to work with a professional and trusted agency. Contact Donald Weiss Insurance Services to get started on your coverage today.