Long Term Care This voluntary benefit provides a protection against the financial risks associated with daily living due to an accident, illness or advancing age. If you were to suffer an illness or disability that required long-term nursing care, would you be covered? Long-term-care costs pose a real problem for the elderly and their families. Long-term-care insurance can help preserve your accumulated wealth and provide coverage in the event you need long-term care. This can go far in helping to address financial need during retirement.