LTC Insurance: Low on the List of Priorities for Personal Insurance

Before considering long-term care insurance, it's important to prioritize your personal insurance needs. The following is our list of the most important types of personal insurance, in order of priority:

1. Health Insurance: Anything can happen to our health at any time. No one in our country should be without health insurance- unexpected illnesses or accidents carry a hefty price tag. Health insurance helps a financially stable family remain secure by covering unexpected medical expenses that could otherwise devastate their financial future.
2. Disability Income Insurance: If you are working and earning an income, disability income insurance can replace a portion of your income if you become disabled and are unable to work. Disability insurance is particularly important for the breadwinner of the family. However, if you are retired and/or living on investment income, disability insurance is not a concern- it only replaces working income.
3. Life Insurance: If you are earning a working income and have children  or others who are dependent upon your income, your death would be a financial hardship for your family. Life insurance is designed to relieve that hardship and is potentially your third most important type of insurance. However, if do not have any dependents to protect, life insurance should be moved to a lower priority on this list.
4. Long-Term Care Insurance: You should consider LTC Insurance only after you have analyzed your need for the above 3 types of personal insurance.