Long–term care insurance can provide some security, but it is not an investment. Long–term care insurance money will be gone if you don’t use it, unlike life insurance which is guaranteed to pay. Odds are high you will never collect much if anything from a long–term care insurance policy.
Secondly, can you be turned down for long term care insurance?
What does this mean? It means even if you want long–term care insurance, there’s a good chance you‘ll be rejected! As noted earlier, research suggests that 40% of the general population between age 50 and 71 can expect rejection.
Simply so, is long term care insurance a good investment?
Consumer and financial experts generally agree that LTC insurance is a bad investment unless the monthly premium is 5% or less of your monthly income. … Remember that you may never need long–term care at all, or you might not need enough care to collect much in the way of insurance benefits.