Yes I have experience with Long Term Care Insurance. I've offered it to clients for about 8 years, and freely offer information to help people consider their options. I have a strong aversion to coverage that would pay only a daily maximum (expenses don't happen that way), or require receipts (can't pay family to assist with household needs?); ...so a coverage that pays a definite tax-free monthly income would make sense to me. Silver and Gold Magazine has a 2-part treatment in the Nov/Dec 2010, and Jan/Feb 2011 issues. I wrote these as helpful public info, and if you wish I could forward you the original material in a simple Word format.
Does it make financial sense? Well that's a decision each person can make. (1) If we'd live long and healthy it might not make sense to own LTCI. (2) If life can bring frailty in earlier or middle-years of retirement, then it makes perfect sense. (3) Canadians shy from thinking about illness & frailty, so only 8,000 or 10,000 thus far have got it, though #s are increasing each year.
Interestingly a major Canadian insurer is not providing LTCI because the insurer believes no money can be made offering it. Is this possibly the most interesting evidence supporting the need and the value of owning LTCI?
You might ask if I own it myself. I have bone-loss (osteopenia) which prevents me from getting the coverage I want. Hopefully with calcium and other supplements the osteopenia may reverse, and then I'd be able to get the right policy. I'm waiting for this....however if your health can qualify for LTCI you may wish to own it at an age it can still feel affordable.
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