In her book, “The 9 Steps to Financial Freedom” Suze Orman has a section dedicated just to Long Term Care Insurance. This is a testament to how important this coverage is for anyone who has assets to protect.
Suze Orman talks about how long term care insurance is really a smart financial planning tool for some people.
Her advice is actually quite simple, as you’d probably expect. It’s clear cut; virtually all baby boomers, that is everyone who is in their 40′s, would be wise to investigate long term care insurance. Suze Orman goes on to say that once boomers reach their 50′s, they are in the prime years to buy the protection of long term care insurance and make a wise investment. What we’ve found over time is that your total cost over a lifetime is actually lower if you purchase LTC coverage in your 50′s. This is assuming you don’t need to use the policy until you are 85, which seems reasonable.
Does Suze Orman Recommend Long Term Care Insurance?
After re-reading her chapter covering long term care, I went and did some research. What I found out was that Suze Orman is a fan of a good Long Term Care Insurance plan for those who have assets to protect. She says it’s not for everyone, but for people with assets above $50,000 and above, it’s something to consider.
Any consumer advocate will recommend you shop around and get quotes from various companies. As independent agents, that’s exactly what we do. You can start now and get a comparison quote of top six blue-chip companies with side-by-side ratings.
Verdict on Suze Orman’s Long Term Care Advice…
-No Matter What, Buy 5% Compound Inflation Protection.
If you’re under 75 and anticipate living into your 80′s or even 90′s, don’t get fooled into buying 3% compound or some other sub-par inflation protection. Let our advisors show you the power of getting those two extra “points” over time. It can be up to 50% more benefits to use for LTC when you’re most likely to need them.
Are you researching long term care insurance? If so, we’d like to shop the market of carriers and provide you a free side-by-side quote of the top six blue chip carriers.
When carriers compete for your business, you’ll save money in the process.
The fact is, we have no preference to any one of the insurance companies. We will be happy to quote you long term care premiums from the top six long term care insurance carriers: Genworth, John Hancock, Mutual of Omaha, Transamerica, Prudential and Mass Mutual.
Simply complete this form if you have time. We will mail you out the quotes and product brochures from the top carriers. We’ll also help you shop and compare long term care insurance plans.
