Most financial advisors acknowledge that long-term-care insurance is a hard sell. For starters, it brings up the topics of illness and death, something clients have an aversion to talking about. Second, its expensive.

Policies typically range between $3,000 and $6,000 a year, depending on a variety of factors, such as sex, age, health status, maximum daily benefit, length of benefit and waiting period.

Youre talking about a European vacation every year, Wheat said.

Yet it can be money very well spent in the event of a long-term disability.

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To drive the point home, CFP Matt Curfman, an owner of financial advisory firm Richmond Brothers, points out that a policy that costs $5,000 a year is the equivalent of a one-month stay in a nursing home in many locations. Why wouldnt you be willing to pay five grand a year for a five-grand-a-month benefit? he said.

That still may be too rich for some people. There are a number of ways to keep the cost down.