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Dave Ramsey says: Use a broker to shop around for long-term care insurance

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Dear Dave,

My mom is 73-years-old, and she’s dealing with depression and a few other mental health issues. Is it too late for her to get long-term care insurance?

Julie


Dear Julie,

It wouldn’t be a big problem if she were healthy. But given her age, and the other struggles you mentioned, I’d check with a good insurance broker to see what’s out there for her.

In the insurance world, they call this “making a market.” Will they be able to find a company that will write her in that situation? I can’t give you an accurate answer off the top of my head because this is a difficult thing. It would probably depend on aspects like the extent of her depression, how long it’s been manifested and what it has done in her life.

That’s one of the reasons I’m advising you to see an insurance broker. A broker doesn’t represent just one company, they represent several companies. They can shop around in a given situation, and find someone to write something you might not get written otherwise. They can also shop around for the best possible price, and you get the efficiencies of the marketplace working for you.

God bless you both, Julie.

—Dave

Dave Ramsey is CEO of Ramsey Solutions. He has authored seven best-selling books, including The Total Money Makeover. The Dave Ramsey Show is heard by more than 12 million listeners each week on 575 radio stations and multiple digital platforms. Follow Dave on the web at daveramsey.com and on Twitter at @DaveRamsey.

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