Whether a long-term care insurance policy is right for you is really several questions under the same umbrella. “Do I need long-term care insurance at all?” “Should I keep the policy I already have?” “If someone has approached me about coverage now, which type of policy deserves consideration?” “And if the proposal is a paid-up policy, what exactly am I being asked to buy?”

A useful place to begin is with the basics. The purpose of insurance is to transfer a risk one cannot afford to bear. Long-term care is a genuine risk — it is believed that more than half of our aging population will need long-term services at some point, and about a quarter of us will need care for more than five years. It is good to plan for this very expensive possibility, and buying insurance is one of the options.

Links:
Do You Need a Long-Term Care Insurance Policy?

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