Long Term Care Insurance is a morbidity insurance product. Medical underwriting investigates health history and current medical condition. Unlike life insurance which is a mortality insurance product, long term care underwrites prior events both injury and disease. As we age, morbidity events are more likely to occur. If the morbidity underwriting debits are too negative to overcome health credits from an underwriting balance sheet point of view, the application will be denied.
It’s important to secure long term care insurance when you’re young and healthy, when the underwriting classifications are more favorable and the premium is less expensive.
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It’s important to secure long term care insurance when you’re young and healthy, when the underwriting classifications are more favorable and the premium is less expensive.