in recent years regulators in those states have approved policies that charge single women premiums as much as 50 percent higher than single men this isnt just because most states require auto liability insurance by law many buy expensive extended warranties on their televisions but they dont make premium payments to protect their retirement assets from the drain of longterm care brokers will try to sell you a rollsroyce policy that includes no elimination period the initial period of care that you pay for yourself the financial risk that comes from this is greater for women than for men you dont need a policy that will cover costs of 100000 a year people understand that its necessary to pay premiums to limit or eliminate their exposure to financial catastrophe from lawsuits stemming from negligence on the road the justification for this cost difference is based on womens greater likelihood of needing longterm care so these premium differences are expected to surface in other states but this may not always be possible especially if the son or daughter has to work to assure their own financial security depending on your situation you might not need any more life insurance and 2 even if you do you might be able to get life insurance and longterm care insurance at better rates when purchasing them separately studies examining demographic data for all americans men and women show that 30 to 50 percent of people who reach age 65 will eventually need longterm care in a nursing home if youre offered this product break out the policies and shop them around separately against competitors products one reason for this is that alzheimers patients typically need care for extended periods as with many types of necessary insurance the primary goal of longterm coverage is to reduce your financial risk yet when it comes to arranging longterm care insurance many of these same people hesitate saying what if i dont need it remember that delaying can cost you money because the younger you are at the time of purchase the lower your premiums will be one smart solution is to buy insurance to cover this cost but many people fail to arrange this coverage instead you need one that covers much of your risk covering all of your risk brings high premiums its important to understand the basic concepts of insurance and how to apply them to their situation assessing costs versus risk bundled products have emerged in response to the irrational belief of many consumers that this kind of insurance is a waste of money if they dont end up using it you buy this insurance to protect yourself from risk not certainty given the chances that youll need longterm care obtaining coverage can give you peace of mind especially if youre a woman in some parts of the country longterm care with a private room can cost as much as 100000 a year the average longterm care stay is two and