We are not telling you not to buy long-term care insurance. Although the number of long-term care policies being sold is rising, there is a reason that not more policies are sold, particularly to folks who can afford it. There are two reasons for this. The risk of needing long-term care increases with age, unlike almost every other risk we typically insure against. So that s not a fair comparison.
People buy life insurance, even though the risk of death increases with age too.
However, the risk of not having life insurance is greater at a younger age, when individuals marry, have children, and incur debt. That s why older people usually don t have large amounts of life insurance. And many younger persons buy life insurance that has cash value. The anticipated rewards for purchasing life insurance, homeowners insurance, and other types of insurance are obvious. If you die, life insurance pays your spouse for support for her and your children.