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Kiplinger: What Retirees Need to Know About 3 High-Cost Financial Products

Long-Term-Care Insurance

There's a huge variation in price for the same level of coverage. If you decide to buy long-term-care insurance, make sure you work with an experienced agent who is authorized to sell policies from more than one insurer. Otherwise, "depending on your age, you could pay almost double for basically the exact same coverage," Slome says. (To find an agent, contact the AALTCI at 818-597-3227 or www.aaltci.org.)

In addition, someone who only occasionally sells long-term-care insurance may be unfamiliar with features developed in the past three or four years to make coverage more affordable. For example, married couples can save money with a shared-care policy, which allows them to pool their benefits.

(iStock)

More From Kiplinger:
QUIZ: Are Annuities Right for You?
10 Least Tax-Friendly States for Retirees
10 Things You Must Know About Social Security



The opinions expressed are solely those of the author and do not necessarily reflect the views of Comcast.

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