Yes, everyone may insist that something is important. However, you must first what it will cost you to have it and what you will lose without it. This is also true of long term care insurance. To understand cost implications of having or NOT having this policy, we'll look at a number of things.

How much will it cost you if you ever need long term care in any form?

To answer this question, let us use a stay in a nursing as our example...

At the national average, expect to around $194 per day or about $71K for a year. This is based on a survey in 2006. However, do bear in mind that some states will cost a lot less while others will cost up to twice. New York City averages $140K per year for a private room in a nursing home.

How will this amount affect your investments?

Unless you're a millionaire, paying this kind of amount for just two years will ruin your finances -- Especially if your spouse also requires it.

What does long term care insurance cost?

What will be its effect on your children and grandchildren?

You may put them under unnecessary pressure and totally ruin their social lives. That's apart from the fact that you'll be a financial burden to maintain at home. And, if their spouses are NOT very considerate this could sow seeds that could ruin their marriages -- Certainly not what you'll want to bequeath your loved ones.

What will it cost me to buy long term care insurance?

If you're 40 years of age and want a policy that pays out a monthly benefit of 5,000 for three years you would spend about $2,000 yearly. It rises to $2,400 if you're 50, $3,200 if you're 60 and $6,300 if you're 70 years old.

You can make your decisions, I guess. I've presented the facts. It's up to you to decide on what you think is best for you.

But peradventure you think you need this policy, you can save much if you get and compare quotes.