Long-Term Health Insurance

Recently an insurance rep that works at a bank doing various investments for clients solicited me. He said he wanted to see me about my account. After he gave a spiel how the market is down, but my funds are up, he changed gears and started a pitch for long-term health insurance. He showed me all of the convincing facts about how the costs are rising and people are living longer. It sounded like a good idea. However, I am a single male in good health in my mid-40's and the thought of paying relatively high premiums for the foreseeable future was simply out of the question. My questions are: when is a prudent time (if at all) to consider buying long-term health insurance and did this salesperson act within the guidelines about sales of health policies

 

Answer:

The challenge with long-term health insurance is exactly yours – when do I buy it? The best time with most health-related insurance is to buy it when you don't need it. On that basis, you qualify now. However, you need to be sure that it's the right kind of policy for you. In many cases, you won't need this for quite some time yet, and so you could pay a lot of premium unless you purchase a policy that becomes "paid up".

 

As for the sales person's approach – I suspect that he could explain his behaviour as part of his advisory position in securing your financial future. After all, most financial advisors consider insurance an important part of a sound financial plan. But I'd have to say that it is borderline behaviour and comes across as a bit predatory. I don't know this approach is actually against guidelines for the sales of health policies, but I'd recommend that you check with your insurance commissioner if you have any concerns.

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