Are Long Term Care Insurance Plan and Disability Insurance worthwhile? Do you need both?

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The sweet spot is to buy long term care between the ages of 55-60. If you have between 1-3m and married you should buy it. If over 3m, self insure. I told my wife we will need care and we will pay it ourselves. DM me if you want a lesson on this.

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My background is in life / disability underwriter so I am very familiar with all the models ha ha. My point was ltc is a high probability event whereas P&C total loss claims are low probability events so you have to account for that. I have also seen this first hand in my family. It's already emotionally taxing on people involved so no need to add financial strain on top of that. Hope you don't have to experience it

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Depends on age, price, marital and dependent status.

Long term care is VERY expensive. If one spouse ends up needing it, it could eat through the other spouses retirement savings.

Keep in mind that on average people in long term care facilities don’t live very long (I think it’s about 18 months). So the cost may be pretty high, but it doesn’t persist. FWIW, I am retired, 57, no LTC, no disability. Since my assets throw off enough, I don’t need disability. LTC would take quite a few years to eat through my assets and statistically I or my wife wouldn’t live that long. If you’re FIRE with cushion (not coast FIRE) you may be able to self insure. Premiums are brutal when you get older.

These at very different products.

Everyone needs disability and is easy to price - risks of becoming disabled are comparably high and most need income replacement in such a scenario.

Long term care is a crapshoot - a lot of policies have gone under and/or don’t end up covering enough when it’s time to pay out.

Except the earlier you purchase it the lower the premiums are. Best to talk to a good financial advisor about options and timing.

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