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.
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