Insurance for Golden Years

Long-term care insurance has become more expensive. Customers who bought policies in the past should hold onto them, University of Texas' Kitt says. Although premiums may rise, those policies are likely more generous and less expensive than current products.

Buy between ages 40 and 55, and "the premium is much more manageable," says Terry Headley, an insurance agent and president of the National Association of Insurance & Financial Advisors.

Adviser Knox acknowledges that buying while premiums are high is a tough decision. "There's a lot of uncertainty around the premiums and how much they'll rise," she says. Balance that against the uncertainty you'll face with no long-term care coverage.