When my parents retired they paid a visit to me in Arizona. At the time I was still working in the Securities industry as a financial advisor. I suggested to them a Long-Term Care Policy. I simply explained to them you either die slow or fast. In today`s high tech health care that more often means dying slow hence the need for Long-Term Care Insurance.

My parents were depression era poor kids growing up. My Father said they were going to skip that LTC stuff and we left it at that. I was never a high-pressure salesman and sure did not want to be one for my parents. They did not buy a Long-Term Care policy and we all lived to regret it.

It started with my Mother`s sister passing away and while she never had the need for LTC her estate liquidation was rather labor intensive and time consuming. A Final Expense policy would have helped.

My Brother followed who was some 11 years younger than I. He contracted Frontal Temporal Dementia (FTD). Without any insurance whatsoever it was an eight-year battle that almost bankrupted our whole family. A side note, for those that would like to dismantle and eliminate all welfare programs the bottom line here is if we would not have eventually got my Brother on Social Security Disability our family would have gone bankrupt. Age may not matter you never know for sure when you are going to need LTC or Final Expense insurance.

My Father followed with a different type of dementia and could no longer walk and my Mother could no longer take care of him. I remember the phone call when she called me to come help and declared,

“Boy, do I wish we would have purchased that LTC policy when you presented it to us”

Types of Long-Term Care Coverage

When you purchase a whole life policy, the insurance company guarantees four key values:

1. Stand-Alone LTC Policies

• • Best value for most people.

  • Cheaper when purchased younger.

  • Offers inflation protection (usually).

  • Standard elimination periods (up to 90 days).

2. Hybrid Life + LTC Policies

• • Combines whole life insurance with LTC coverage.

  • Solves the “use it or lose it” problem.

  • Drawbacks: LTC benefits reduce your life insurance cash value and death benefit.

  • May be easier to qualify for, especially if you’re older.

  • Elimination periods can be longer (up to 2 years).