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Long-term care insurance: Do the benefits outweigh the risks?

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Many insurance companies feel that individuals should purchase long-term care insurance. Of course, from a consumer point of view, you may consider this nothing more than a sales tactic.

But before you make a final determination, it is important to understand the pros and cons of buying a policy. Do the benefits outweigh the risks? This is only a question you can answer.

The primary benefit of long-term care insurance is the ability to pay for extended care if the situation arises in the future. For instance, this could come in handy if you need to spend time in a nursing home facility. Rather than pay through other means, such as cash, you can rely on your long term care insurance policy to pick up the expense.

On the downside, you need to remember this: You may never use the long-term care insurance in the future. It is good to have in place for protection, but that doesn't mean you will ever use it. There is always the possibility that you could pay for the policy for many years, but never file a claim. Of course, this is a good problem to have.

All in all, it's easy to see how the benefits of long-term care insurance outweigh the risks. As an individual, you can make a list of the pros and cons to ensure that you fully understand what a policy has to offer and how it could impact your life now and in the future. This will help you make an informed decision.

Source: FindLaw, "LTC (Long Term Care) Insurance: Risks and Benefits," accessed April 18, 2016

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