Long Term Care Insurance doesn’t work! Or does it?

I recently entered into a conversation with a man who said his dad purchased long term care insurance and claimed it doesn’t work.

I asked him what he thought the issue was and he told me, his dad needed long term care assistance and the policy didn’t pay.

Turns out the policy did pay.  It paid the maximum benefits purchased by his father.

The man wanted it to pay more.  The policy paid exactly what his father could afford to purchase at the time.

I asked him if he would have been happier had his father not purchased a policy and even more money would be required from his personal pocket?  The answer was “NO”

After I convinced this man that what his father could afford and had purchased was a blessing, he changed his mind and decided a policy would be beneficial for himself and his family.

In his case, he now understood he needed to purchase more than his dad had.