Dave Ramsey

Scott's in Montana.

Let's go the other direction.

What's up, Scott?

Long-term care insurance is vital when you're 60 years old and above.

The percentage likelihood of you using it prior to 60 is very close to zero.

So we don't recommend buying it until you're 60.

And if you're 60 and you've got $10 million, don't buy it.

Just self-insure.

Just pay for the nursing home or pay for in-home care or whatever you're going to do.

But if you've got $500,000 to your name and you're 60 years old and the nursing home is going to be $300,000 over three years, it's going to crack and scramble the nest egg.

Typically the guy dies before the lady 75% of the time.

And so Papa goes in the nursing home, uses up all the money and then dies, leaves mama broke.

That's the one 60 years old that needs long-term care insurance.

You don't need it at 40.

49.

You don't need it until you're 60.

I'm 65.

I got plenty of money.

I didn't buy it.

Well, life insurance you need about 10 to 12 times your income on you to cover your family if you die, and that's taking care of your wife and kids.