My friend was quoted a very low rate for term insurance. I want a premium that stays level for 30 or more years. Siblings, children, or business partners are the most common choices. Unless an irrevocable beneficiary is named, the beneficiary can be changed by the policy owner at any time.
Health insurance covers the costs of medical care due to illness.
However, when someone is in stable condition, but is not capable of caring for themselves, their health insurance may not pay for the help they need. Long-term care insurance will help pay for needed services, including eating, dressing, bathing, toileting, mobility, and cognitive assistance. Care can be received in the home or in a nursing home. Long-term care insurance will pay the cost for services that maintain your lifestyle by adding back those activities of daily living that are lost by illness. Expensive is a relative term.