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URL:  https://boards.fool.com/and-now-after-20-years-of-paying-premiums-34279961.aspx

Subject:  Re: LTHC Date:  8/23/2019  6:25 PM
Author:  wolferd1 Number:  94981 of 96871

And now, after 20 years of paying premiums they've got you in the "sunk cost" trap. (I assume you don't get any money back if you abandon the policy, right?)

I got caught in the increasing costs of my LTC policy when the insurance company quit writing new policies. After notice of a large increase I decided to cancel the policy rather than continue holding on to something that would end up costing me more than I could afford in retirement.

Upon canceling I was surprised to learn that all the premiums that I had paid in would still be available to me as a LTC benefit should I need it. Of course it doesn't earn anything and never increases in value, but being able to draw out the premiums I paid in if I needed LTC was better than not being able to.

I don't know if all LTC policies are like that or not.

These days I am not a fan of such policies.
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