Obviously the younger you are when you purchase long term care insurance, the lower the premiums will be. Is that savings worth the cost over this long haul if you are in you 40’s or 50’s? Do you want to purchase insurance that you are unlikely to need for 30 to 40 years? The long-term caremarket place and long term care insurance industry have changed a great deal over the past 20 years. What does the future hold in this area? Unfortunately we do not have a crystal ball. If you wait until you are 70 to 80, the premiums will be very high and if you have certain illnesses you may not be insurable. So what to do?
It may be that the best time to purchase long term care insurance is when you are in your 50’s and 60’s. How does such and expensive dovetail into your situation and your other obligations? If you have dependent children, they will be a major concern and an added expense. You should have enough life insurance for them should you die. After your children are on their own, you can use the funds you were using to pay for life insurance and use it for long-term care insurance premiums.