Update Your Long Term Care Insurance Policy – It Can Save You Thousands of Dollars!

If you own a long term care insurance policy it is imperative that you notify your agent or insurance company that you want to designate a second addressee on the policy. This is important because if you fail to pay your premium, and the grace period has lapsed, and there is no secondary person to be notified your policy will lapse and you may not be able to get it reinstated. The benefit of designating a secondary person is he/she will receive the notice of late payment as well as the notice of termination in addition to you and hopefully timely pay the premium and keep your policy in force.

If your policy has lapsed due to non payment of premium call us immediately! There is a limited window of opportunity to possibly have your policy reinstated if we can demonstrate that:

• the failure to pay was unintentional AND
• due to cognitive impairment or
• loss of functional capacity, or
• continuous confinement in a hospital, skilled nursing facility or assisted living facility for 60+ days.

Policy owners have a minimum of 5 months after the date of cancellation to request reinstatement (and possibly longer depending on the policy language). The premiums must be brought current and an interest charge may be required. As your trusted advisor we are here to help you reinstate your policy.