For older individuals focusing on retired life, what insurance type is often recommended?

Long-term care insurance is particularly important for older individuals focusing on retired life. As people age, they often face health challenges that may require assistance with daily activities, such as bathing, dressing, or managing medication. Long-term care insurance is designed to cover the costs associated with these needs, whether in a nursing home, assisted living facility, or through in-home care. This type of insurance helps protect personal savings and provides peace of mind, knowing that necessary care will be available without financial strain.

While critical illness insurance is beneficial for younger individuals or those still working, as it provides a lump-sum payment upon diagnosis of specific illnesses, it may not address the ongoing care needs of retirees as directly as long-term care insurance does. Universal life insurance offers lifelong coverage with an investment component, and term life insurance provides coverage for a specific period, but neither specifically addresses the long-term care support often required by the elderly.