People buy long-term care insurance to protect their life savings; so they won't be a burden on their spouse or children. They buy for "Peace of Mind".

Long-term care is one of the biggest financial risks left unprotected as we approach and enter retirement. Consider:

• People are living longer.
• The cost of long-term care is high and rising.The national average cost for a nursing home stay is $55,000 per year and can run as high as $93,000 in some states. (US General Accounting Office, March 2001) [Tell me more]
• The risk is high. According to estimates, the odds are 60%. Currently, six out of every ten Americans who reach age 65 may need long-term care at some point during their lives. (US Gereral Accounting Office, "Where Does the Population Live and Who Cares for Them," January 2001)
• A person's need for long-term care can last years. While the average nursing home stay is 2.6 years, 10% of nursing home stays are 5 years or more. (Less Than Meets The Eye, Barron's March 27, 2000)
• Neither company nor private health insurance plans cover the cost of long-term care. Government programs provide only limited assistance [Tell me more]