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The New Savage Number: How Much Money Do You Really Need to Retire? by Terry Savage

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Chapter 17. BUYING YOUR LONG-TERM CARE POLICY

Let's make this simple. You agree that you need to buy long-term care insurance to protect your financial future or that you need to let your parents and in-laws know about this type of coverage so they won't be dependent on you. You've read the previous chapter and decided on the most important issues: amount of monthly benefit, years of coverage, and inflation protection. You're now prepared to discuss those issues with an adviser who is knowledgeable about long-term care insurance.

Which Insurance Company Should You Choose?

Now it's time to get price quotations and make the purchase. The most important consideration here is the strength of the insurance company that offers the policy. After all, you don't expect to use the benefits until many years down the road, and you want them to be around when you need them. In recent years, several major insurers have opted out of this fast-changing industry, while others have decided to make long-term care insurance a priority.

You want to be with a company that prices its policies with a long-term perspective. They won't necessarily be the cheapest policies, but you're less likely to face price increases in the future.

So which companies should you consider? In my opinion, you'll want to stick with the largest, best-known, and most committed insurers. These include MetLife, Genworth, John Hancock, Mass Mutual, New York Life, Prudential, State Farm, Transamerica, and Northwestern Mutual. Companies ...

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