Are you insured against old age? It's a fact of life that is far more likely to impact your finances than a car accident or house fire. While paying for auto or homeowners' insurance often seems like a no-brainer, many people question whether buying long-term care insurance is worth it.
Unlike traditional health insurance, long-term care insurance is designed to cover long-term services—such as assisting with "activities of daily living," including bathing, dressing and eating—for those who can no longer take care of themselves.
"Ultimately, what you're protecting is a portfolio, a standard of living or the assets you plan to leave for your children, which can be ravaged by long-term care or the costliness of going into a nursing home," said certified financial planner James J. Burns, founder and president of wealth-management firm JJ Burns & Co.