Long term care insurance is a crucial financial planning tool that provides coverage for individuals who require assistance with daily activities such as bathing, dressing, and eating due to a chronic illness, disability, or old age. This type of insurance helps to cover the costs of long term care services, including nursing home care, assisted living facilities, and in-home care. Having long term care insurance can help protect your savings and assets from being depleted by expensive long term care expenses. It is important to consider purchasing long term care insurance early to ensure you are adequately prepared for any future care needs.