Los Angeles, CA, June 22, 2013 --(PR.com
)-- Two virtually identical long term care insurance policies can vary in cost by between 40 and 90 percent. In addition, policy definitions that the typical individual would not notice can make a huge difference come claim time.
"People mistakenly think all insurance policies are basically the same," declares Jesse Slome, director of the American Association for Long-Term Care Insurance. "That may be true if you are talking about term life insurance but today long term care insurance has become a highly specialized field where the expertise of the insurance professional matters far more than people recognize."
The national long term care insurance expert was sharing the importance of planning with New York State consumers. "If I needed surgery, I'd want a surgeon who had performed the operation successfully a hundred times before," Slome shared with the consumers. "If you are going to spend $100 or more each month for protection, why wouldn't you want someone with real expertise and experience that you can benefit from."
Slome estimates that while over 100,000 insurance agents have the necessary license to offer long term care insurance; each state has a relatively limited number of specialists dedicated to the profession.
"Most policies will not pay if you have a family member provide care, but some will," Slome explained. "If that's something you may want, you'd better work with someone who really knows how policies will pay claim benefits."
Slome shared basic questions to ask when buying long term care insurance. "Most people are so focused on the product and the company, they never think about interviewing the agent making the recommendation." AALTCI recommends asking the following questions:
1. How many years have you been selling long term care insurance? "The minimum acceptable range should be three years, but five or more is better," Slome noted. "It takes that long to really understand the products and the policy definitions and differences."
2. What percentage of your business is focused on long term care planning? "I'd want someone who earns the majority of their livelihood focused on helping people plan," Slome shared. "Dabblers can be dangerous to your future."
3. How many insurance companies are you appointed with? "Most agents are appointed to sell policies from just one or two insurers so those are the only ones they'll recommend," Slome explained. "Someone appointed with four, five or six insurers will be willing to compare more options for you."
Insurance companies do not sell long term care insurance directly. "Visiting their website will only connect you with someone they know favors their particular policy," Slome concluded. "That may be the best option for you but it really pays to work with a specialist who has less of a bias and more of your interest in mind."
Consumers seeking long term care insurance costs who wish to connect with a designated specialist, a member of the American Association for Long-Term Care Insurance, can also visit the organization's website or call 818-597-3227.