I am 63, good health, widower, just retired, own home, zero debt, lifetime annual income $104k before taxes (ss & pension combined), $40 in savings, about $915k in tax deferred savings and my funeral arrangements all prepaid. My CFP recommends a LTC policy that guarantees $10k per month up to $500k and a death benefit of $500k to my heirs if I don't use it (or less the amount paid out if I do). It costs about $1100 per month or about 12.7% of my income. I live simple, don't care to travel or socialize so my spending needs are minimal. Do I need this insurance and is it a good deal? I'd rather just save the money and invest it elsewhere but he says the policy is good because it is not taxed to my heirs?