When it comes to long term care insurance sooner is better for those weighing

I have insurance at work, I need no more

Depending on the number of dependents that you have, the insurance you get courtesy of your workplace may not be enough. Furthermore, the event of risk not associated with work, e.g. an accident at your home does not qualify you to getting any financial security from the work insurance, as it was not in the line of duty.

3. I would rather do term than whole life insurance

This statement is not that wise. Whole life assures you compensation in the event of your death, covering all the necessary bills and giving the beneficiaries what they should get. On the other hand, term insurance is a tricky affair. For instance, if a term ends and you wish or opt not to renew, the insurer gives you back the money. Misuse of the money or keeping it somewhere unreachable may prove hazardous in the event of your death, making the effort of investing in insurance companies pointless and fruitless.

When it comes to long term care insurance, sooner is better for those weighing the potential for needing such services later in their lives. Much like life insurance plans, long term care insurance policies are more affordable the younger the policyholder is when purchasing the coverage.

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