After my father's death I did extensive research into long term care insurance for my mother. She purchased a policy where either in-home care or assisted living will be covered for 6 years at a specific rate. On average, people die within 2-3 years of entering a facility, so she should be good. Being that she was able to purchase the policy with one lump sum, whatever she doesnt use gets passed to her heirs.
My goal is to purchase a long term care policy, as well.
I have no children. My partner TF, has a son, however, I think it is safest that we cover TF with a long term care policy, as well. If it works out that her son takes care of her (assuming I'm not), then he will reap the benefits of the unused long term care policy.
If TF is not in my life, I am pretty confident that my sister will make sure I am taken care of, even if for some reason she had to help financially. I am making the assumption that based on my medical history, plus my past/current lifestyle versus hers, I will become sick before she does.
Damn, this is a morbid thread!
