The risk that you will give up most/all of your assets to long term care, and have nothing available to leave to heirs, is a household risk How would you handle this risk? Some will say "so what", as they view their assets to be used to pay for their lifestyle, even if this is in an assisted care center, and they feel no need to leave assets to heirs. Others are frightened of this risk and would like to have an insurer pay all or part of this cost if they end up in a long term care facility.Assuming you are in the latter group and would like to 'transfer' this risk to an insurance company, you'll be a candidate for buying a LTCI policy.But now the challange begins: how to find an insurer who, if you meet the minimum 'trigger' to initiate payments from the insurer (referred to as activities of daily living or ADLs) in future years, will actually pay without stonewalling and delays, and who will not gradually increase premiums over the years ahead until you can no longer afford the insurance and you allow the policy to lapse.This is probably one of the most complicated and opaque areas of personal financial management. There are a few skeptics who will write about the risks of throwing away premiums on LTCI vs. a much larger marketing arm of the insurance industry who firmly believes every individual should carry LTCI.Good luckBruceM
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