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ry insurance policy is a legal contract. Once agreed upon by both parties, a long term care insurance company must uphold their contract to the letter, or risk lawsuits and regulatory prosecution. Each policy is crafted with utmost care using the probabilities of actuaries, as well as contract lawyers' keen legaleze, and here's how to navigate the decision process.
Understanding the wording of a policy and correctly comparing policies from various companies can be daunting for most folks and exhausting. You must develop a grasp of insurance lingo, and it wouldn't hurt to know how specific points in each contract have been interpreted by courts of law, either.
In case you weren't aware, the LTCi sales brochures are not contacts. Sales brochures are created to briefly explain a product and to entice you to buy it. What is printed in a brochure does not represent the intricacies of contract law, yet the brochure MUST, by law, be congruent with the related, legal contract.
Even worse, no insurance company's promotional literature can be trusted to thoroughly detail the terms of the target policy/contract. Sales is sales, and truth is truth. (Although, in most states, it is against the law to knowingly produce long term care insurance marketing materials that mislead the public.) I don't believe the Madison Avenue style brochures and commercials which I see created to push pharmaceutical drugs. Instead, I go online and research the contra-indications, side-effects, suitability of the drug for a particular aliment [link widoczny dla zalogowanych], as well as law-suits against the company manufacturing it. That's called "due diligence" and we owe it to ourselves to do our due diligence when it comes to matters that will affect our loved ones and ourselves.
Research pertaining to your decision about long term care insurance is no less important than what you put in your body. So [link widoczny dla zalogowanych], you must read your policy contract thoroughly. If you have any doubts about the meaning of the wording in an LTCi contract, or whether that contract will protect you when you are in need (as you think it will) you'd be wise to get expert help deciphering the policy.
That said [link widoczny dla zalogowanych], here is the order in which to do your research:
1) Talk with your family about your decision to buy long term care insurance. Also, any friends who have a family member who has purchased LTCi in the past, and has gone "on claim", can be great resources. They've "been there, done that" and have experience with the claims process.
However, I would NOT recommend taking family members' or friends advice about which policy to buy. They are not qualified to help you. Sure, they would be able to steer you away from a particular company or policy if they have had significant problems during claims time, but deciding which policy would be the best considering your financial and health situations should be between you and a trained (and legally licensed) LTC insurance broker.
2) I suggest that you use a trustworthy Long Term Care insurance BROKER, not a captive agent. A captive agent only represents one company. That may be good for the company, but it certainly may not good for you. Make sure that your broker represents SEVERAL long term care insurance companies with the highest ratings. Any company considered should have a B+ rating or better.
How do you find an LTCi broker with integrity? Well, you can, but you do not need to go through an "established" insurance firm or agency. Just because a firm or agency is established doesn't mean every agent within that agency will be someone with whom you'd feel comfortable entrusting your future. There are just as many "sharks" inside insurance firms as there are outside of them. Interview brokers until you find someone with whom you enjoy good rapport.
I recommend that you begin by connecting with the Buyer's Advocate for free, no-obligaion comparison quotes
You want someone with experience, a deep knowledge of all the