Rusty had paid for a long-term care policy for many years. Then, one day, his daughter found a cancelation notice for nonpayment of premiums sitting on his desk.
“Dad, why are you not paying the premiums for this policy?”
“Because I have Medicare and my pipe trade’s policy. I don’t need that one.”
“Dad, get out your checkbook. We’re going to the FedEx office and sending in the payment.”
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Three weeks later, Rusty suffered complications from prostate cancer and could not manage his care. He was admitted to a long-term care facility where he lived until his death 13 months later. The long-term care policy paid its share every day, the difference between Rusty keeping or having to sell his farm.
Source: Forbes