Most people have life insurance - they basically insure themselves against death - and should they die, their loved ones should be taken care of financially.  Now, what about insurance that can benefit you while you are alive?  No, I am not talking about car insurance, home insurance, or other types of insurance on the stuff you own.  Rather I am talking about an insurance policy on you - have you ever heard of that?

Up until a few days ago, I had no idea.  In fact, some blogs I read educated me about some things I should have insured.  Do you know one of the biggest things people don’t insure and this lack of insurance usually leads to financial ruin, or at the least, poverty?

Your health.

That’s right.  You probably wouldn’t have guessed it - I know I had no idea.  But understand this - think of your three closest friends and listen to this: three out of four of you will need some type of long term care in your lifetimes.  Now, this can be as simple as home care, to an extended stay in a nursing home.

Now that I have your mind rolling, what does this affect the most for you besides your health?

Your finances.  In fact, based on the current prices for long term care, most retirement savings would be wiped out in less than a year - not an exciting proposition.  Once the retirement savings is gone, quite often your children will end up paying the bill for your care.  This can cause many things like financial ruin, divorce, and anger towards you.

How do you avoid the financial and family problems?

That is simple - plan ahead.  Now, you can buy some long term care insurance to pay for your possible future long term care needs - and leave your children’s money out of it.  The prices are quite reasonable for the insurance policy - talk to an expert to help you setup some coverage.  Don’t procrastinate - or you may have to spend your retirement nest egg - you didn’t save all your life to blow it all at once, did you?