But if they had long-term care coverage, they could have waited out the downturn until the markets rose again.
Some advisors have little ambivalence about the product. LeAnn Lenander, owner and president of Lenander Financial Advisory in Minneapolis, recommends long-term care insurance highly. The 72-year-old financial planner has many clients who are her age and older, and who are facing increasing health issues.
She also believes, however, that long-term care should be coupled with self-insurance plans. Lenander says that based on what she has seen, many individuals will need both. She asks clients to start thinking about it when they hit their 50s.
Conveniently, her husband, an insurance broker, sells long-term care insurance, and both she and her husband have acquired policies for themselves. "I'm very strong on this one," Lenander says.
Miriam Rozen, a Financial Planning contributing writer, is a staff reporter at Texas Lawyer in Dallas.