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What To Look For When Purchasing A Long Term Care Insurance Policy

Payment Options

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You may be able to make a "limited pay" - a single lump-sum payment, or a 5, 10 or 20 year payment plan, or an option that lets you pay for policy in full by age 65. For most people, the monthly payment for the term of the policy is the best option so you can keep and invest more of your money.

On the other hand, while prepaying may cost more money now, reasons to consider prepaying are:

  • Estate planning flexibility: you'll have the Long Term Care Insurance policy paid-up and available when you need it. (To learn more, see: Estate Planning).
  • You don't have to worry about paying later from decreased income.
  • You avoid rate increases.
  • You may pay higher payments when you have the money, and lesser payments thereafter.

You may be able to deduct premium payments if you own a business or are self employed.

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