Long-term Care Insurance

My financial-advisor, John Price of Edward Jones®, who I like a lot, think highly of, and trust, suggested I get long-term care insurance to protect my assets.
The guy who daycares my dog, also a good friend, concurs. Someone told him if anyone attains age-62, they’re probably in it for the long haul. So they should get long-term care insurance.
Prior to 62 it’s not worth it.
My wife attained 62, but died at age-68. She never needed long-term care, unless you consider hospice long-term care; that is, 24/7 health maintenance.
She only lasted in hospice one day. 24/7 health maintenance, but hardly long-term.
My financial-advisor suggested I was a perfect candidate for long-term care insurance, since my wife died, and I was subsisting on only pension-income and Social Security.
Plus I don’t have any debts. I even own my house free-and-clear.
I have two large IRAs, one that was mine, and one I inherited from my wife as beneficiary.
They are currently untouched, resting unused until I reach age 70 & 1/2, when the government requires I start taking income from them.
I get a small disability-pension from my employ with Regional Transit Service (RTS) in Rochester, NY.
I also get my wife’s pension for a few more years, since she named me to collect if she died.
So it was suggested I meet my financial-advisor to talk about long-term care insurance. And possibly get the wheels turning.
I did so last Monday (November 26th, 2012).
I was greeted by my financial-advisor, plus another advisor for the long-term care insurance proposed.
He appeared to be a salesman. A long pitch ensued.
I felt suspicious and manipulated.
Every response he made seemed choreographed.
Any doubts I had were manipulated positively.
I don’t like spending money.
So my concern was what it would cost.
The annual premium is almost $10,000!
My financial-advisor suggested my current IRA income, reinvested and therefore non-taxable, would meet the annual premium.
So my annual premium is not out-of-pocket in effect.
Offsetting this is the cost of long-term care.
Long-term care would clean me out, make me destitute in not long. That’s burning hundreds of thousands of dollars in no time.
I’m sorry, but the long-term care advisor made me feel queasy.
He reminded me of the door-to-door encyclopedia salesman I tried to become eons ago while in college.
Needless to say, I failed. I wasn’t viper enough.
A slick operator. Every doubt I had was parried.
He kept asking if I had any questions, as if this was gonna allay my fears.
I’m sorry I look like I do, that I instinctively protect my wallet.
So I looked like I was suspicious.
He probably came away convinced my financial-advisor made the sale, wondering why his well-oiled pitch failed.
Long-term care insurance also sells itself.
But at times like this I wish my wife was around.
Like me, she would be suspicious, but enough to do research.
Research seems to be beyond me; possibly a stroke-effect.

• For 16&1/2 years (1977-1993) I drove transit bus for Regional Transit Service in Rochester, a public employer, the transit-bus operator in Rochester and environs. My stroke October 26, 1993 ended that. I retired on medical-disability. (I’m pretty well recovered.)