Your Portfolio Isn't the Only Thing That Needs Long-Term Care

Many people assume long-term care insurance is strictly to pay for a nursing home stay, and who wants to plan ahead for that?

But this type of insurance covers much more. And with more reputable companies getting into the business -- TIAA-CREF, the teacher pension manager, is the most recent entrant -- long-term care insurance will become more accepted, and more people will understand their options.

Granted, long-term care insurance is not for everyone. But if you decide you need it, there are some things you should be aware of.

One in three people will need some type of long-term care in the future, according to John Noble, director of product development at insurance company UnumProvident. Today, around 12 million Americans receive some type of long-term care, and 40% of that group is under age 65. ...