This is probably one of the biggest questions people have. So often I have interested prospects saying something like “just shoot me some quotes and then we can talk”. But before an ethical agent can give you a meaningful and accurate price quote, he/she will need to know a few things, and here’s why:
AGE. How old are you? The agent can’t give a rate quote until he/she knows how old you are, and if you’re married or in a committed relationship, how old your partner is. Covering a 60 year old with LTC insurance will cost more than covering a fifty-five or fifty year old. But a 60 year old will be a lot less than costs will be for a 75 year old. We also need to know if you’re still in the insurable age group. Most companies will accept healthy applicants up through age 79. A few will go a few years beyond that. Most of my applicants are between 52-62 years of age.
What’s your health like? Many companies have up to 4 health ratings. The fourth rating can be 2x more than the first/best rating. So an ethical agent will ask you health questions, including asking about your build (height/weight), medications you’re on, any recent hospitalizations or surgeries and tobacco use.
Are you applying by yourself, or are you married or in a committed relationship? There’s a 30% discount usually if two are applying and both are accepted. Some companies give NO marital or partner discount if only one is applying. Others do give a 15% discount if you’re in a committed relationship or marriage and only one is applying.
What STATE are you in — and what state are you likely to end up retiring to? The reason this is so important is that the cost of care in some states is dramatically higher or lower than other states. So if I’m working with someone from the Northeast, for example, they are going to have to buy more coverage than someone applying from Florida or Texas.
When I talk to people at the first phone call – I cover those 4 areas thoroughly. Once I have that confidential information, I’m able to prepare some likely price quotes that make sense. I don’t “shoot in the dark” or guess. So when you call me and want to learn all about LTC coverage and what it will cost, please understand that we need to talk for 8-10 minutes first. That’s about how long this initial chat takes. Take the time with me to do it right – and in the end, you’ll have all the answers you need to make your best possible decision.