If a person is near the age of fifty, and facing divorce, long-term care insurance becomes very important.

Reaching the age of fifty alone is enough impetus to being the process, but being divorced makes it even more urgent. Life changes can bring enormous uncertainty, so every unknown that can be addressed can help create a more secure future.

While married, most everything is done jointly. Even if a couple keeps their finances separate, there is an added layer of security within a marriage. The assumption while married is that our spouses will be there to take care of us, at least in part. If both spouses work, the risk of a disability or need for some sort of assistance due to injury or illness is generally reduced by the other spouse’s ability to earn an income.

After divorce, that option is most likely gone so having insurance in place to provide assistance with the six activities of daily living due to being limited is even more important. After divorce, each spouse is generally on their own, and if a spouse is required to pay alimony, they now may have to manage the expenses of two households.

Also consider that our health in the future is an unknown. Long term care insurance is bought with good health AND money. A bad health event can make a person uninsurable for long term care, or other types of insurance, so it just makes sense to get it now while younger and presumably healthier. The maxim to remember is that long-term care insurance never gets cheaper than it is today.

While the premiums for long-term care insurance are not inconsequential, when compared to funding the costs of care without help from an insurance policy the premiums are usually a great deal.

By taking a bite out of the costs now through the insurance, a person can gain a great deal of control over future unknown expenses. That is a good plan!

If you need help determining your need for long-term care insurance, and are interested in how it might fit your retirement plan, contact our team.


Registered Representative, Securities offered through Cambridge Investment Research, Inc., a Broker/Dealer, Member FINRA/SIPC. Investment Advisor Representative, Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Cambridge and Slate, Disharoon, Parrish and Associates LLC are not affiliated.