What you need to know about long-term care insurance

Long-term care (LTC) insurance is a type of coverage that helps pay for personal care services in the event you or your spouse are diagnosed with a disability or chronic illness, which many of us will be during our lifetime. In fact, almost 7 in 10 seniors will require long-term care at some point. While policies differ, this insurance can offset the exorbitant costs of your individual daily needs, whether you reside in your home or in a facility. Here's what you need to know about the benefits.