Dear Wealth Wise: My husband and I are 65 and 66, respectively, and retired. Our financial adviser suggested a $250K life insurance policy for each of us that could also cover nursing home care. The total cost would be about $15K a year, or around $7.5K for each. Is this a good rate or even a smart idea at our age? They would take the money directly out of our retirement fund and we would be paying tax on the amount withdrawn. We also have two adult children, and we are trying to figure out the best route to minimize their taxes once we pass. — Policy Perplexed

Dear Policy Perplexed : Long-term care costs are hitting retirees hard. CareScout puts the average annual cost of assisted living in 2026 at $82,482, while a shared nursing home room costs $118,424. Even well-off retirees can struggle to cover these expenses, especially when care is needed for multiple years.…