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When you’re 65 years-old, you have around a 70% chance of needing long-term care later in life. And since that care can cost tens or even hundreds of thousands of dollars per year, it’s important to plan for the expense.

Long-term care insurance is a valuable financial planning tool considering that it can help cover the cost of nursing homes, assisted living communities and even home health aides later in life. On the other hand, you'll have to pay premiums to purchase and maintain coverage. And, those premiums can get expensive if you wait too long to purchase a policy. 

Long-term care insurance can offer valuable financial support by helping pay for nursing homes, assisted living facilities and in-home caretakers. But if you're shopping for long-term care insurance in your 70s, you've likely faced some hurdles. After all, with rejection rates around 50% for 70 to 74-year-old applicants, it can be difficult to find a policy that gives you affordable peace of mind - but it's not impossible. 

Long-term care insurance isn't a product that most younger adults are racing to get their hands on. However, the need for this type of insurance grows exponentially as you age.