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.
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