The World Cup is off to a great start. No sooner had I filled out my statistically based bracket, and the underdog Mexican team defeated the favored Germans. The revelry in Mexico allegedly set off a small earthquake! As you watch this exciting international contest this summer, keep in mind that the FIFA teams can teach us about more than just soccer.

Everybody knows about life insurance, and disability insurance covers millions through corporate plans.  Health insurance is always in the news thanks to the controversy around the Affordable Care Act.But what about the forgotten stepchild: Long-Term Care (LTC) insurance?  How much do you know about it?  How do you know whether you need it or not?

When most people think about life insurance, it is something to be purchased when we’re young with financial responsibilities and dependents to protect. Any discussion about purchasing life insurance after we retire is often met with strong opinions as to whether or not it makes any financial sense. After all, the cost of life insurance increases significantly over the age of 65. While that may be true, the unique properties of permanent life insurance, such as guaranteed cash value growth, tax-free death benefits and tax-free access to the cash value, make it one of the best possible solutions in certain circumstances.

Risk is a funny thing. Everyone perceives it differently. For example, I would never go bungee jumping, but I know a bungee jumper who is scared of the stock market and keeps all his money in cash.

As a fee-only financial advisor I know that the perception, understanding, and realization of risk is of the utmost importance when investing, whether for retirement or fun. It is vital to be become aware of the risks that aren’t obvious as well as to not over exaggerate the ones that are.

Making a hard decision now is easier than you think.

There is nothing like the fear factor to motivate one to take action. I finally made an executive decision and purchased long term care insurance (LTCi). The possible need for long term care has weighed on my mind for years. If they had purchased policies, my mother, grandmothers, and grandfathers would have accessed them. Family health history should be one of the first considerations when pondering LTCi, and mine, unfortunately, is abysmal. As a fee-only financial planner, I have seen first-hand how a long term care event can decimate an otherwise healthy financial plan, and I am running scared.