I took out a LTC policy 4 years ago when I was 49. There's a 90 day elimination period, it started at $170/day coverage and includes 5% compounding inflation protection, coverage for up to 10 years of care, it pays 100% for in-home care, assisted living care, or nursing home care. My monthly premiums are $184.
Sure, I have it for the coverage itself, but I also have it for my peace of mind.
I have several close friends who have needed long term care at fairly young ages....early 40's to mid-50's. Illnesses, diseases, catastrophic health problems, and accidents show no respect of a person's age. A very close friend of mine was diagnosed with MS when he was 39. As years passed, his health steadily declined. He had to have around the clock care and assistance for 3 or 4 years. After many various and sundry MS related health problems, several strokes, and a couple of bouts with pneumonia, he passed away a week before Christmas 2009 at age 52. He didn't have LTCi, and used up all of his assets, and (fortunately for him) his sister and BIL helped him financially for the last couple of years out of their pocket.
Three other friends of mine have suffered traumatic brain injuries (TMI) in their 40's, and have required long term care. None had LTCi and had to dig into their life savings and other assets to cover costs. Thankfully they all had that money saved up...unfortunately, now they don't! The nest egg that they'd been saving for their retirement years got cracked, and that money is gone. I doubt that any of those three will ever be able to be gainfully employed again, and so the ability to rebuild their nest egg is gone. Are they broke? No. Will they be able to financially afford the quality of life that they'd planned on? No.
Will I need long term care? I dunno! But if I do, my LTCi will keep me from needing to crack my nest egg! That's the peace of mind that I want....that's the peace of mind that I have!