After age 60, nearly one in four are refused long term care insurance

Long term care insurance to cover expenses for long-term disabilities is a smart thing to buy, of course. After all, nobody among us has a crystal ball, do they? And even the healthiest people become frail with advancing age.

But when to buy this insurance?

One strategy has been to wait until retirement, but that may be a bad plan, according to new research from the American Association for Long Term Care Insurance.

Looking at records of major insurance companies and 250,000 consumers, it’s been found that 22.9 percent of those age 60 to 69 get turned down for a policy.

This is often due to an inexperienced insurance agent who failed to proper field underwriting prior to submitting the application.

You’ll have a much better chance of success if you apply in your 50s, as only 14 percent are rejected. Of course, you’ll be paying for the policy for more years.

But at least you’ll have one.

And remember that a significant number of nursing facility residents are under age 65. Think Michael J. Fox, Christopher Reeve and Annette Funicello - It can happen to anybody… anytime…

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