My husband and I, ages 62 and 60, respectively, were not able to afford Long-Term Care (LTC) insurance previously. We also did not like that such insurance was a use-it or lose-it proposition. We understand that LTC insurance is now in the state of flux, with several companies no longer offering individual policies. We recently came into an inheritance and have done some research on the newer LTC concepts, one as a rider to life insurance and another tied to an annuity. They interest us because there is a single premium when you take out the life insurance/annuity, so we could put part of our inheritance toward that single premium. We also like the idea that if we never need long-term care, the proceeds go to beneficiaries. Because theses products are new to the industry, there is little information on their track records.
Could you offer any advice? Would you please consider doing a segment on this topic? Like other listeners, we are trying to be smart with our money and investments.