Jack Lenenberg: Long-Term Care & Rising Interest Rates

In this episode, The Annuity Man and Jack Lenenberg discuss:  Standalone traditional long-term care  Asset-based long-term care  The perfect time to buy long-term care  Long-term care and self-insurance    Key Takeaways:  A standalone, traditional long-term care insurance works just like health, auto, or homeowner insurance. You own a policy, and if you need long-term care, the company will pay the benefits, and you will stop paying premiums. It is, however, difficult to get underwritten since the more they look into your medical history, the less likely it is that you'll get approved for coverage.  The second type of long-term care policy is the asset-based policy, where the asset is either a life insurance policy or an annuity. The costs are fixed, premiums do not change, and there is a return of premium if you do not need care until death. The underwriting is easier since it is only a telephone interview, which means you have control of the narrative.  The perfect time to buy long-term care insurance is when you are concerned about not burdening your family with issues that will come when you lose your health. Buy long-term if you are healthy enough and have the resources. Don't wait for illness to come, because it would be too late by then.  Long-term care is a transfer of risk. If you want to try and "self-insure", then look into the costs of healthcare today and consider just how\ the costs would be when you eventually end up needing long-term care. The earlier the people plan, the better.    "If you're healthy enough to get a policy and you have the resources - by all means, that is the perfect time to buy your coverage. You cannot wait until the accident has happened to try to throw on your seatbelt."   Connect with Jack Lenenberg: Website: https://longtermcareinsurancepartner.com/ or https://ltcpartner.com/  LinkedIn: https://www.linkedin.com/in/jacklenenberg/    Connect with The Annuity Man:  Website: http://theannuityman.com/  Email: [email protected]  Book: Owner's Manuals: https://www.stantheannuityman.com/how-do-annuities-work YouTube: https://www.youtube.com/channel/UCCXKKxvVslbeGAlEc5sra2g  Get a Quote Today: https://www.stantheannuityman.com/annuity-calculator!