I work in a weird industry – I sell a product NO ONE wants to buy and NO ONE wants to use. Long Term Care Insurance is the ugly step child in the insurance world. No consumer wants to spend their money on a product that they believe they will never use….until they have the first little health problem at age 70 or 75 and suddenly, they begin to believe that maybe they really will get old and fragile.
So let’s reframe the thought process. This isn’t about buying long term care insurance that you hope you will never need. This is about deciding if you can live with the consequences to your spouse and family if an unexpected event occurs that compromises your ability to bear up under your physical and financial commitments. If you are compromised, your spouse will buckle under the weight of care giving. That is when your most reliable child’s life will come to a grinding halt as s/he steps up to start helping. You will also start redirecting income and capital to pay for the costs of care. This will mean you can no longer continue to meet the financial responsibilities you are committed to.
So the question is this: can you live with those consequences to your family if you don’t have long term care insurance? If you can, then don’t purchase coverage as you don’t need it. But if you cannot live with those, then you need to put in place a contingency plan so that – heaven forbid! – when you become compromised you will still be able to protect and provide for those you love.
Some additional links that might help you: