When should I buy long term care insurance?

Many insurance experts say that if you’re going to buy long term care insurance, the best time to buy is in your fifties because the price is lower than if you wait until after you retire. Of course, one reason the price is lower is because you’re more likely to be paying premiums longer before you need benefits.

Another reason to buy in your fifties is that it’s more likely that your application will be accepted. Nearly 23% of applicants between the age of 60 and 69 are turned down because of pre-existing conditions, for example. Among applicants in their fifties, the declination rate is less than 14%.

The American Association for Long Term Care Insurance 2009 LTCi Sourcebook reports that in 2008, 84% of new individual policies were purchased by people age 64 or younger, while only 16% were purchased by people 65 and older.