Greetings, Dear Friends and Clients,
Dave Ramsey is just so wrong!
Celebrity and unlicensed financial advisor Dave Ramsey's advice on when to buy long-term care insurance (LTCi) is wrong! For about 20 years, my colleagues and I have emailed, written, and called to offer him correct advice on when to buy LTCi. I've never gotten a reply from him.
Here's Dave's advice on LTCi:
. He is a staunch LTCi advocate, but on his terms (he's the expert, right?). Life is supposed to turn out the way he expects it to, with no obstacles or roadblocks, I guess. He recommends waiting until age 60 to buy LTCi. I guess he believes nothing adverse will happen to listeners' health before then. There are additional flaws in his simplistic thinking
I've had many clients who were penalized by taking Dave's advice. The correct age to buy LTCi is age 50 or younger, if at all possible. Many applicants over age 60 who are accepted for LTCi would have gotten lower rates had they applied sooner, not just because they would have locked in younger-age rates, but also because they had better health. In addition, more people are ineligible to apply because they waited.
Suze Orman is another unlicensed, beloved celebrity financial pundit who proffered incorrect advice on when to buy LTCi for many years. But she learned firsthand why waiting until age 60 is wrong. See
her retraction of that advice.
The moral of this story is: do not depend on the advice of affable celebrities! If you want to take personal responsibility for your long-term care planning and make a confident, well informed decision on the best plan of action, seek the advice of an experienced, ethical LTCi specialist. The best time to buy traditional LTCi is in your 40's or 50's, but we can still find affordable rates for you in your 60's - IF your health is good enough! If not, there are other options available.
Have You Had a Rate Hike?
Please call me, I am here to serve. Since I do not get copies of all rate hike correspondence, I often do not know if you've had an LTCi rate hike.
Usually, even with the rate hike, your policy is below current market price. Clients find it highly useful to discuss what causes rate hikes, how they occur, and how likely there'll be more in the future.
If you cannot tolerate your new rates, there are optimal ways to downgrade your coverage while keeping it highly effective.
Do not tamper with your policy until we've spoken! If you need to discuss your LTCi rate hike, please email or call me.
Thanks to my trade association,
, for inviting me to speak at its annual Convention on April 25, 2017. It was a great deal of fun! Hopefully, I inspired more colleagues to educate their clients about LTCi.
Spreading the Word about LTCi
I will offer your friends and referrals accurate information on LTCi, at no obligation, of course.
I love speaking to civic or trade groups and believe I can offer the public accurate education on LTC planning.
My speaking references and qualifications, as well as comprehensive LTC videos, links, testimonials can be found at www.honeyleveen.com.
The Queen, by Self Proclamation, of Long-Term Care Insurance