Released: November 04, 2007

Long-term insurance: Worth its weight?

Source: Jonathan Peterson, Los Angeles Times (Free Registration)

Tom Binder wanted to prepare for the future - including the possibility that he or his wife could be stricken by a long, debilitating illness in their sunset years.

“I don’t think it’s a good bet that you’re just going to drop dead,” said Binder, 50, a Santa Monica-based art dealer. “What if you suffer a stroke in your 60s or 70s, and through the miracles of medicine you live into your 90s?

“That was my worst-case scenario: that I would linger for many years.”

To make sure that he could survive financially, Binder made a purchase that has become increasingly common for a generation that once focused almost obsessively on being young: He agreed to pay $4,500 a year for insurance to cover the costs of long-term care for him and his wife.

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