7 Tips for Buying Long-Term Care Insurance

Good tips! Shopping around is also a good idea. Research and compare various quotes (ex: http://www.completelongtermcare.com/quote.aspx ). Because premiums vary greatly from company to company, be sure to get quotes from different carriers.

Seth of FL 10:03AM October 26, 2011

I have a question about Long Term nursing homes. Do you know of any long term insurance that if you don't use anything from them and pass way do any of them reimburse any of the money that you paid over the years that you carried it. We had

long term insurance from 1997 until 2011 and paid 419 every 6 months and he passed away. Can you tell me if their are any long term insurance will pay back anything since their was never one penny of what was paid in. Please let me know

jbtimco@yahoocom

Janet Timco of PA 12:46AM October 14, 2011

This is in response to both folks that commented on Long Term Care Insurance. I work in the insurance industry and sell LTC often. I have seen people who are in situations like yourself who bought it when they were younger because it is less expensive. I am sorry that the agent who set you up with your plan was dishonest in telling you your premiums would never go up. I chose to be in the insurance industry because I have seen how it helps people. I have seen families loose loved one's who are also the "bread winner" and seen the effects it has had on them. Loosing their home because they can no longer afford the mortgage. Loosing vehicles and having to spend all their investments just to make it by. That is just one of the many reasons I am so passionate about what I do. If that family would have had a Life Insurance policy, life would have been dramatically diferrent. I am extremely passionate about helping people protect their assets and more importantly their families. That is also the reason I provide LTC insurance to the folks I meet with everyday. It is desigend to protect your hard earned assets you have spent so long saving. It is desigend to protect your family as well. Who has children that can not work to take care of them? No one I know. The point I am trying to make is that insurance is for the What If in life and to protect you and your loved one's. Say what you want about people in the insurance industry but I know that there are people like me who are in this business to help people have the peace of mind we all deserve. Thank you for reading this and I hope you don't write off insurance as a whole. Also for those of you who's LTC premiums have gone up, do some research on newer plans. I would recommend John Hancock's LTC policies as a place to start.

Aaron Hawkinson of WA 1:40PM June 18, 2010

My advice is to stay away from Unum. They have a very poor record on actually paying claims. I had disability insurance with them and they have terminated my benefits. Like many insurance policies, they're great until you actually need them. Then the company carefully goes through your records and finds excuses to not pay benefits. At that point you can sue them, but going through litigation is hard when you're dealing with health issues. They literally bank on that.

There are other companies to choose from. Perhaps the Insurance Commissioner in your state can give you feedback on which companies are better with claims management. In California, the Insurance Commissioner called Unum and "outlaw corporation" because of their unfair practices.

Good luck.

Margaret Hall of CA 6:58PM January 09, 2010