The idea of purchasing Long Term Care when you are younger and healthy is often not at the top of my list, until recently. Most of my family members have passed away relatively quickly after going into a nursing home. This fact was reinforcing the idea that i don't need Long Term Care insurance, or LTC. Recently a a family member has been in and out of nursing homes and hospitals for the past year. Watching their level of need increase, while their finances decreased has given me a fresh perspective on the matter. Though we can not predict how much money we will need to be comfortable when we reach this stage of life, there are products that provide a pool of money for you to draw on. There are also Chronic Care Riders that attach to a Life Insurance Policy that allow you to draw down your benefit while you are still living.
I used to explain the difference between LTC and policy riders to agents every day when i was on the sales desk of a large insurance carrier. Trust me, there are many differences between each policy and how they work. Understanding the product you are purchasing now is essential so when the time comes to use it, you are properly covered.
It took some time....
I will be honest, I really did not start thinking about the need for life insurance until after the birth of my son. And to be even more honest, I really did not think about how much my family depended on me until I was a couple thousand feet on the top of Mount Katahadin in Millinocket ME. I was almost finished the "Knife Edge" when I thought, "I am doing something crazy." I would not have changed the experience for the world, but it gave me a new found respect for what I do, providing life insurance.
Live life to the fullest and enjoy every moment, but plan for the worst.