It's only multimillionaires, those who are so poor already or those who do not have any meaningful assets or investments they want to protect that should be without a long term care insurance policy. If you do not belong to this class, then you could be courting financial ruin. This is especially true if you have a history of diseases that require long term care in your family or if you're fifty plus.

Look at it this way: You've saved $400,000 for your retirement. You have plans to help your children make the down payment on their first home. You plan to help see your first grand child through college. Those are sweet and grand plans. Without a long term care insurance policy, you might as well forget those dreams if your and your spouse have to spend up to two years in a nursing home.

Don't just say "Not me." Statistics show that 40 percent of those who are above sixty-five years old have a 50/50 chance of spending some time in a nursing home. What if...? I think this "what if" is all what a long term care insurance policy is about. You just want to ensure you spend your last years on your own terms and not another's.

What if you wait till you get older before buying a long term care insurance policy? Well, there are big risks of being rejected as uninsurable. Then you'll have only two choices left: Waste your life savings paying for long term care out of your own pockets (and maybe still end up as welfare statistics) or become a burden to your children.

Just know this: About 2 out of every 10 people in their sixties will be rejected but almost 5 out of every 10 people in their seventies will be rejected when they apply for a long term care insurance policy.

The more likely you'll need it soon, the more likely you'll be turned down. Furthermore, your total premium a long term care insurance policy will be much more over the years if you buy when you're older. You save more and reduce your risks the earlier you buy it (But that doesn't mean you should buy it if you're 35 unless your family history indicates you may need it soon).

Make out some time now (Just 15 minutes on the whole) to visit not less than three insurance quotes sites that provide quotes on long term care insurance policies. This is because insurance companies not represented by one site will be represented by another. This gives you a broader basis for doing better comparisons. Do this well and you'll be paying a lot less on your long term care insurance policy.