Anybody buying this for a parent or themselves?

My wife and I have 3/4 parents still alive, all living by themselves, all over 70, and all in good health with no sign of slowing down. That said a broken hip, stroke, heart attack, or car accident could change that and bring on catastrophic financial ramifications.

Is long term care insurance the way to go or is this product similar to those extended car warranties you're always warned off of buying? Anybody with 1st hand experience using this insurance? I had a financial adviser recommend this to me years ago but at the time I had no spare income. Now I do and am considering my options.

Difficult to answer without “prying” into your parents or in-laws financial situation. Average cost of LTC services is appx. $250/day depending on locale. You have to make assumptions as to “how long” the care will need to be. Typical care options are 1-5 years. If your parents or in-laws have a significant nest egg, they may not even need LTC Insurance. Consider family medical history as well.

There is also “ala-carte” , in-home care services option.
And then the ultimate backup is you and your wife...