As the kids leave the nest and the mortgage gets paid off, the need for life insurance wanes for many people who have reached late middle age. The focus moves from "How will my family survive without me?" to "Who will take care of me, and how will I pay for it?" You have a 70 percent chance of needing long-term care sometime after age 65, according to the National Clearinghouse for Long Term Care Information. Health insurance, including Medicare, generally doesn't cover long-term care, which pays for assistance with basic activities, such as eating, getting in and out of bed, and bathing. The cost of care, whether it's provided in a nursing home, assisted-living facility or at home, can reach tens of thousands of dollars a year and decimate your financial portfolio. Here are 8 long-term care insurance myths. "If you think you worry about your kids now, just wait until you get older and you worry that you'll outlive your money," warns Thomas Horner, president of Horner Marketing Services, a long-term care insurance agency in Cape Coral, Fla.