I get a lot of question from folks every week but there is one that keeps coming up almost each week. The question comes from families of loved ones on whether or not they should consider the purchase of long term care insurance. To many of my questions I have a definite answer, but to this one, it comes with a lot of assumptions. I will try to assist the masses but please be aware of the assumptions and speak to a professional about your specific conditions.
First, let me start by saying, if you are asking me if your parents should have purchased long term care insurance I would most certainly say yes. The reason, you are talking to me about their care and their health has lasted well enough to require some long term care. Each case really is however, very different. If you think that you are going to live long enough then yes. Second, if your have relatives that live long lives than yes, I would say it's a good idea in those situations as well. Lastly, if you are simply buying it to preserve your nest egg, then yes buy it for that reason too. Long term care insurance is not unlike any other insurance, you may pay for it for a long time and only use it once or twice, but it's the peace of mind that it buys that will go a long way for you.
Considering the purchase of long term care insurance is something that should be considered with professionals that assist you with your financial plans, wealth management and retirement plans. Long term care insurance is extremely valuable if you ever need it, but weighing the need is always the question.
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