No. of Recommendations: 1
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.
Print the post  

Announcements

The Retirement Investing Board
This is the board for all discussions related to Investing for and during retirement. To keep the board relevant and Foolish to everyone, please avoid making any posts pertaining to political partisanship. Fool on and Retire on!
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.