New Way to Pay for Long-Term Care? (sell life insurance policy)

This recent article in the New York Times is titled “A New Way to Pay for Long-Term Care.”  I really think there should be a question mark at the end of that title!  The “new way” is selling your life insurance policy to a company.

A local support group member mentioned that this is what she was doing years ago; her husband had died, she has no children, and she thought this would be a good way to proceed.  Though I have an MBA from Wharton, I’m afraid I am inept at managing my own finances.  I advise you to speak with a certified financial planner or someone qualified before you take action based upon this newspaper article!

Here’s a link to the full article:

The New Old Age: Caring and Coping
The New York Times
A New Way to Pay for Long-Term Care
By Paula Span
October 9, 2013, 1:36 pm