Should I buy Long Term Care Insurance at 40 years old?

One thing I’ve noticed in the past few years is that the age of my prospective clients is getting younger and younger.  Years ago it seemed like everybody I was meeting with was “grandparent” types and closing in on that magical moment of retirement.  With better public awareness happening, now I’m often discussing the benefits of a Long Term Care Insurance policy with the last of the baby boomers and Gen Xers.

So what is the correct age to purchase a Long Term Care policy at?  None of us have a crystal ball to determine the precise moment the day before you should apply.  Some financial planners and industry gurus suggest 60 years of age, others say 50 is the magical age, and now we are even reading about planners and insurance agents suggesting 40 years old is not too young. 

Remember, we all have to health qualify for a policy.  With medical records becoming more reliable due to technology and medical testing being able to diagnose future problems at an earlier age, 40 is no longer too young to apply.

A benefit of purchasing a policy while you are younger is that most likely you will be healthier the younger you apply and your premiums will be lower.  Of course, you’ll pay premiums for a longer period of time, but your peace of mind will be intact.  Many agents report having clients in their thirties!

I read a great piece on Dan Blankenhorn’s blog regarding his friend that suffers from Parkinson’s Disease and thankfully has a policy in place.  You can read that story here at Dan’s Blog.