i am 84. Is that too old to get such a policy? if not, what companies, offer such policies and what sum of money would be required up front?

Terry Says:

Yes, I’m afraid at this stage of life the cost of both the life insurance and the LTC insurance would be prohibitive.  What you must do now is get your financial life organized — make sure you have a will (or even better, a revocable living trust), and a healthcare power of attorney and a living will (pull the plug document).  You want to use my Personal Financial Organizer (available when you fill in the yellow box at my website, www.TerrySavage.com) and sign up for my free newsletter.  Then you get a link to the organizer.  It will help you create a record of all your financial accounts and advisors, in case something happens to you.

I’m assuming you have a trusted advisor or adult child to step in when/if the time comes that you cannot handle your financial affairs.  That person becomes the “successor trustee” listed on your revocable living trust.  (Make sure you have changed title to all major assets into the name of the trust.  That allows the successor to handle things without going through a time-consuming court procedure.)   It might make sense to consider assisted living or senior facilities now, while you are capable of making a decision.  Many allow you to get more care when needed.   And hopefully, your Social Security and other savings will cover the cost if expensive care is needed.

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