Boomer Watch: How to Protect your Bets on Long-Term Care

There are people who understand the significance and importance of having a long-term care insurance to protect them from its devastating effects. But the notion that they may never need is one of the reason why they refuse to buy the product, they think that all the money spent for paying the monthly premium is wasted. 

But then again, why do we need to buy long-term care insurance? Like all any other insurance, the reason you buy them is because you'd rather have the funds available when the need arises than worry about paying premiums for nothing if you don't. The same goes even for home or auto insurance, but ltci is more expensive. 

This is the reason why an option to use your life insurance to pay for long-term care cost was offered to the public. It provides the advantages of having both life and long-term care insurance that when you stayed healthy for the rest of your life and never needed care, you still  get to claim your benefits. 

photo credit: http://www.nextavenue.org/

NextAvenue.com discuss this issue in one of their articles. Although it may sound like a win win situation for most people, a combination product is not always suited for everyone. Read the full article so you can determine the pros and cons.