In a strong market it's easy to assume that your portfolio will be able to handle any risk to your financial security, including the risk presented by a long-term care event. However, with the current weakening of the economy, this may no longer be the case.
There is no way to evaluate the effects of a long-term care need on your financial security without analyzing the potential costs that would be incurred. This fact holds true whether the market is weak or strong, whether you're just "well-off" or financially independent.
Ask your financial advisor to project how your portfolio will be impacted by a need for long-term care. Would it mean having to make adjustments in your lifestyle? How would it affect your plans for leaving an estate to heirs or other beneficiaries? What type of care could you receive and for how long will you be able to pay for it? Your financial advisor should be able to answer these questions for you and then refer you to an LTC Planning expert for the development of a plan customized for your personal situation.?Avoid seeking recommendations from a generalist insurance agent - they will ALWAYS recommend LTC insurance whether you need it or not.
The point is that everyone needs to have a plan for long-term care and that plan needs to be evaluated on an annual basis. Five years ago, using the gains from your investments may have been a perfectly reasonable plan. But what does your portfolio look like today??/p>