Long term Care Insurance is something that both baby boomers and anyone in their 60's and early 70's should consider. There are 3 major trends that will have a phenomenal impact on whether or not you will need long term care:
It is very likely that you will live a long life.
A long life increases the probability for long term care.
It is unlikely that your family will be able to provide the care.
When researching an insurance company to provide long term care insurance and when reviewing a policy to purchase, here are the critical things to consider:
Choose a company that is financially solid with an excellent reputation and rating. Don't take a policy with a company that has lower than an A rating. You want to ensure that if you need to use the policy the company will still be around.
Consider a policy that covers you for a lifetime instead of a specific number of months or years.
Be certain to purchase a policy with a Protection Rider that will increase the amount of benefit coverage you will receive based on the current cost of care due to inflation and economics.
And as always when considering an investment purchase, talk to your financial advisor to see if long term care insurance is something that is right for you and your current circumstances.