No. of Recommendations: 5
I was never a fan of LTC insurance, feeling that the policy was full of loopholes (for the insurer) that I didn't understand, and just a general feeling that when the time came, they would find a way not to provide the expected benefit. As the premiums increased, I gritted my teeth but held on -- not because I thought it was worthwhile, but because my wife believed in the value of having the policy; my family has a solid history of Alzheimer's or dementia. When my wife died, I dropped the policy like a lead balloon.

Now, all that said, my financial situation suggests that I can self-insure on this. And as my adult children establish themselves, I believe they would be wiling and able to supplement anything I might not be able to cover. This would not be true for everyone, of course.

Finally, your sunk cost is completely irrelevant to your decision. It sucks, of course. But there's no sense throwing good money after bad, if you decide that the way forward is to drop the insurance.
Print the post  


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.