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Long Term Care Insurance Underwriting

Every long term care insurance company has an underwriter whose job is to assess the health condition of an LTCI buyer and the findings of his work will determine the buyer’s annual premium and amount of coverage.

So, it is advisable to seek assistance from a licensed LTCI agent who can help you lobby for a policy which will meet your health care requirements and budget.

Now if you’re below 50 years old and you boast excellent health, you probably won’t encounter any issues with an insurance firm. In fact, young policyholders of long term care plans are currently enjoying low annual premiums as they’ve managed to avail of the good health discount which ranges from 10% to 15%. Even if their health changes in the future, they won’t lose this privilege.

Apart from your health condition you also have to consider your assets before buying a policy. Although I mentioned earlier that insurance companies are more concerned about a person’s health than his money, I didn’t say they don’t require it.

Even though owning a long term care insurance policy is necessary these days, it is unfortunately not designed for everyone. Those with an annual income of $75,000 or more will definitely be able to afford it, but if you’re earning less than this you have to think 10 times before putting your money on this product.

Better yet, consult a trusted LTCI representative as he can provide you with helpful options.

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