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Subject:  Re: Life and extended care insurance Date:  5/4/2019  8:16 AM
Author:  2gifts Number:  5760 of 5835

I think long term care insurance is most useful to those who want to protect assets of the surviving spouse when one enters a nursing home.

This would describe our reasoning. In fact, DH and I have had the conversation that we would expect to no longer need LTC when the first one of us passes. At least it would need to be revisited to see if it should be kept or not.

But we do hear the insurance companies issuing the policies have underpriced them and are now raising prices to try to catch up. Hence, expect premiums to continue to rise. And some may become unaffordable.,

I've seen this particular reasoning a lot on the boards, but we have not had this experience. We have our policies with Genworth, have had them about 10 years, and have not seen a premium increase at all. They could certainly raise the premium in the future, but to date, that has not happened.

Like life insurance that is not needed if there is no income to replace or survivors (spouse, children) to provide for, I think LTC is not needed if someone does not have a spouse who may be left impoverished should one of them require nursing home care.
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