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Mar 20, 2017 by |

Contra Costa Insurance Fraud Attorney: Long Term Care (LTC) Insurance

Why Long Term Care Insurance Is Still A Bad Idea

Long Term Care Insurance

Long term care insurance may seem like a good investment at first glance, but when you delve deeper into the details, the insurance does not seem to live up to its promises or worse, could be a scam. Attorneys and independent financial advisors and analysts often watch individuals become trapped in policies they neither need nor want.

Why It Is A Bad Idea

Long term care insurance is purchased to protect against the financial burden long term care. Theoretically, the insurance will provide the money for the policyholder to pay for nursing home care, or another similar form of care, once they are elderly. The money in your long term care insurance cannot be used for any purpose other than long term care, which limits your flexibility in using (or saving) the premiums to meet other obligations. Are you willing to risk that and know for sure that nursing home bills will be your primary obligation down the road? It is a steep bet to make.

Not to mention, often these long term care insurance companies reserve the right to elevate your monthly payment, at any time, for any reason. To us at Evans Law Firm, that seems like a terribly unfair situation for the consumer, as it limits control and structure and adds so much uncertainty. This fact alone makes these long term care insurance policies unsuitable and unsafe.

Remember that your beneficiaries may never see the benefit of any untapped funds in your long term care policy. In other words, if you put funds into your insurance policy and all of the funds are not paid out, that money can be effectively lost to future generations.

Bottom Line

Long term care insurance may not be the proper option for you. Understand exactly what you are buying and protect yourself from situations that do not benefit your unique circumstances.

Some of the major long term care insurance providers in California are:

  • John Hancock
  • Transamerica
  • Genworth
  • Metlife
  • Conseco
  • UNUM
  • Aegon
  • Prudential

Contact Us

If you or a loved one has suffered from long term insurance (LTC) fraud in Contra Costa County or in any California county, contact the Evans Law Firm. If you have purchased a long term care insurance policy, or are considering purchasing one, and would like to know whether it is a suitable investment for you, contact Evans Law Firm, Inc. at 415-441-8669 or via email at

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