Don’t Let Your Long-Term Care Insurance Lapse

The median annual price of a private room in a nursing home is over $90,000, according to Genworth Financial. Many people attempt to defray these exorbitant costs by purchasing long-term care insurance. But here is something that may blow your mind - more than a third of people with long-term care insurance policies at age 65 let their coverage lapse before they pass on, without reaping the benefits the policy may offer, according to Forbes.com. Specifically, men and women at age 65 have a 32 percent and 38 percent chance of lapsing prior to their death. Understand, when you coverage lapses,...