Long-Term Care (LTC) Insurance
According to the California Department of Insurance, "The median age of the United States population is at an all-time high. Adults over the age of 65 have surpassed the number of teenagers, and people in their 50s and 60s can expect to live longer than previous generations. As life expectancy continues to rise in the U.S., more and more Americans between the ages of 40 and 84, especially those in their mid 50s, are preparing for their golden years by purchasing long-term care insurance."
LTC explained
A long-term care (LTC) policy can be activated if you’re unable to independently perform two or more of the six activities of daily living. This includes eating, bathing, getting dressed, walking, and maintaining continence.
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You have the option of choosing a single, independent LTC policy, or add it to a life insurance policy as a "rider" (a policy that is attached to another). The payout from a long-term care independent policy will pay for services such as nursing home care, private nursing, home health services, and other medical care costs that come with aging. A rider LTC policy attached to a life insurance policy payout will be taken from the policy's death benefits.