Protect assets for the healthy spouse.
Ease the burden on loved ones.
According to PwC, $240,000 in 2016 was enough to cover the long term care liability for 75% of individuals.
There are several types of insurance products that can reduce long term care exposure - each with a special purpose - including
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Long-term care (LTC) insurance
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Individual disability insurance
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Life insurance with LTC or Chronic Illness (CI) riders
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Critical illness insurance
As a general rule, the type of product a person should look at depends on the willingness to self-insure over time and the need for guarantees.
May be available depending on state of jurisdiction, insurance product, policy configuration and qualifications.
