Be sure you put correct and complete information on your application. Don’t be misled by long-term care insurance marketers who say your medical history isn’t important—it is! Give correct information. If an agent fills out the application for you, don’t sign it until you’ve read it. Be sure that all of the medical information is accurate and complete. If it isn’t and the company used that information to decide whether to insure you, it could refuse to pay your claims and even cancel your policy. Never pay in cash. Use a an electronic bank draft made payable to the insurance company, or a credit card. Be sure to get the name, address, and telephone number of the agent and the company. Get a local or toll-free number for both the agent and the company. If you don’t get your policy within 60 days, contact the company or agent. You have a right to expect prompt delivery of your policy. When you get it, keep it somewhere you can easily find it. Tell a trusted family member or friend where it is. Be sure you look at your policy during the free-look period. If you decide you don’t want the policy soon after you bought it, you can cancel it and get your money back. You only have a certain number of days after you get the policy to tell the company you don’t want it. How many days you have depends on the period. In some “free-look” states the insurance company must tell you about the free-look period on the cover page of the policy. In most states you have 30 days to cancel, but in some you have less time. Check with your state insurance department (see the list of state insurance departments, agencies on aging and state health insurance assistance programs starting on page 52) to find out how long the free-look period is in your state. If you want to cancel: Keep the envelope the policy was mailed in. Or ask the agent for a signed delivery receipt when he or she hands you the policy. Send the policy to the insurance company along with a short letter asking for a refund. Send both the policy and the letter by certified mail. Keep the mailing receipt. Keep a copy of all letters. It usually takes four to six weeks to get your refund.
Be sure you put correct and complete information on your application. Don’t be misled by long-term care insurance marketers who say your medical history isn’t important—it is! Give correct information. If an agent fills out the application for you, don’t sign it until you’ve read it. Be sure that all of the medical information is accurate and complete. If it isn’t and the company used that information to decide whether to insure you, it could refuse to pay your claims and even cancel your policy. Never pay in cash. Use a an electronic bank draft made payable to the insurance company, or a credit card. Be sure to get the name, address, and telephone number of the agent and the company. Get a local or toll-free number for both the agent and the company. If you don’t get your policy within 60 days, contact the company or agent. You have a right to expect prompt delivery of your policy. When you get it, keep it somewhere you can easily find it. Tell a trusted family member or friend where it is. Be sure you look at your policy during the free-look period. If you decide you don’t want the policy soon after you bought it, you can cancel it and get your money back. You only have a certain number of days after you get the policy to tell the company you don’t want it. How many days you have depends on the “free-look” period. In some states the insurance company must tell you about the free-look period on the cover page of the policy. In most states you have 30 days to cancel, but in some you have less time. Check with your state insurance department (see the list of state insurance departments, agencies on aging and state health insurance assistance programs starting on page 52) to find out how long the free-look period is in your state. If you want to cancel: Keep the envelope the policy was mailed in. Or ask the agent for a signed delivery receipt when he or she hands you the policy. Send the policy to the insurance company along with a short letter asking for a refund. Send both the policy and the letter by certified mail. Keep the mailing receipt. Keep a copy of all letters. It usually takes four to six weeks to get your refund.
cmte_b_ltc_shop_wg_180507_ltc_guide_clean.docx