Truth 37. The Pension Protection Act, annuities, and long-term care
"And in the end, it's not the years in your life that count. It's the life in your years."
Paying for long-term care is a tremendous concern for many older Americans (and some who are not so old). Long-term care insurance would seem to be an attractive response of the insurance industry to this concern, but it has been met with resistance by many people. Some people consider the premiums high for a product where you only "win" if you go into a nursing home, although you can purchase a policy to provide for at-home care as well—but that doesn't seem like much of a consolation prize.
Generally, long-term care insurance is somewhat analogous to term life insurance ...