Can you afford long-term care? Consider trading in a life insurance policy for LTC coverage

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Abstract: One of the greatest threats to the financial security of one’s retirement as well as to the achievement of estate planning goals may be a nursing home stay or some other form of long-term care. And, while long-term care (LTC) insurance can be a great way to protect wealth against this risk, it can be expensive. One option for funding an LTC policy is to “trade in” a life insurance policy or annuity contract that’s no longer needed. This article examines what’s involved.