Long term care insurance policy is fairly expensive. Just for a couple of data points on a LTC policy.

At age 74 the policy was about $7200/year with a max lifetime benefit of $297,500 and 5 year max.
At age 92 the policy was about $8,000/year with a Max lifetime benefit $328,000. The monthly pay reimbursement was about $5,000/month. The facility charged $7,400 month. Was in the facility about 12 months

Started as assisted living and progressed to memory care. One never knows what the future will bring. In this case, the policy premiums far surpassed what was paid out and was a "bad investment"
Insurance is always a gamble. You are betting things are going to be bad, the insurance company bets things are going to be good.