Extended care could happen to anyone at any time, but many financial advisers start addressing long term care needs at age 55. Long term care insurance can mitigate the senior statistics of financial outlay that runs almost $250,000 during retirement. Extended care I not necessarily nursing home care, as many senior opt for home care assistance.
There are similar eligibility requirements for Long Term Care Insurance as there are for Life Insurance. The applicant must meet a certain age requirement (usually, under 84 years old for LTC insurance), must have sufficient income to afford premium payments, and must meet the health guidelines.
The health guidelines for Long Term Care insurance do differ from Life Insurance guidelines because LTC insurance is more concerned more about your chances of becoming disabled than it is about your chances of dying. E.g. Someone with polio would have a hard time getting Long Term Care insurance, even if the disease had little effect on their life, whereas that person would have little problem getting Life insurance.
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The health guidelines for Long Term Care insurance do differ from Life Insurance guidelines because LTC insurance is more concerned more about your chances of becoming disabled than it is about your chances of dying. E.g. Someone with polio would have a hard time getting Long Term Care insurance, even if the disease had little effect on their life, whereas that person would have little problem getting Life insurance.