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Where can I purchase reputable disability and long-term care insurance?


You may not need disability insurance. Social Security provides long-term disability coverage, and many states cover workers for cases of short-term disability out of a portion of the money deducted from paychecks to meet potential unemployment claims. As for long-term care insurance or any other sort, it’s best to seek out an agent who is not tied to a single company and can give you quotes from multiple providers. If you use a financial planner, he or she should have names of companies that provide long-term care insurance or, better yet, the name of a good agent. It’s a good idea, in fact, to consult a planner to discuss whether you should buy long-term care insurance at all – it’s very expensive – and what other options you might have. Just make sure the planner is fee based and does not earn commissions on product sales to ensure that you receive unbiased information.
If you decide to go for a long-term care policy, the price you pay will depend on your age and health. It is generally difficult for someone who is very old or has illnesses like AIDS, Alzheimer’s or metastasized cancer to obtain coverage that is not prohibitively expensive, and coverage may not be possible at all. What you pay also will depend on how much coverage you want – the daily payment rate should you need care, the maximum number of days covered and how many days you must wait until the policy begins to pay out. You will need to decide how much you can afford to pay for care out of the income you expect to have if and when the time comes and then seek a policy that would pay enough to bridge the gap between what you are likely to have and what care is likely to cost. A good financial planner can help with this too.
-Conrad de Aenlle