While this question may seem like it has an obvious answer, many people wait too long to purchase l ong-term care insurance and then can only afford enough to pay final expenses. At that point, they think of it—more appropriately, perhaps—as burial insurance. The real purpose ling term care, however, is to ensure that the people you love will be able to go on living—without undue hardship—in the event of your untimely death. It takes a spouse about three years to recover financially, rearranging bills and adjusting to one paycheck, after a partner dies. If children are involved, the adjustment takes an average of five years if both partners had received an income. If one parent had a lower income or had been staying at home to raise the children, that individual will have to go out and find work. The work is often service work of an unskilled nature. Thus, his/her income will need to be supplemented at least until the children are grown if you have long-term care insurance.

People who have significant wealth to the point that long-term care insurance is not a necessity often purchase long term careas a legacy, intending for the proceeds to benefit a charity or provide an education for grandchildren. It can also provide a means of keeping a business going if the key person dies, or a way for heirs to pay taxes on a large estate.

Owning enough long-term care to completely provide for your family may sound like an impossibility. However, with the right kind of policy and thoughtful financial planning, it isn't as difficult as you may think.