Patricia,
I'm using a broad brush here but, yes I believe your portfolio has too much risk. It has too much risk for two reasons. First, it is over-committed to equities and second, within equities it is over committed to energy. That overcommitment is what causes big shifts within a month, like the nearly $40,000 decline you've seen in the last 30 days.
Exactly how much risk you should shed depends very much on your spending. With a monthly income from SS and annuity of $9,000 a month there is a good chance that you aren't drawing on your investments for income. If that is the case, you could be a relatively aggressive investor and build something very similar to the 10 Speed Portfolio on my website. It is 10 percent energy (a major reduction from the current nearly 50 percent) and 20 percent fixed income. For the specifics on this portfolio see: http://assetbuilder.com/Investing/inv_potato.aspx
"Heart problems" covers a lot of ground. Some heart problems have a high probability of shortening your life and increasing the risk of debilitating stroke. Others have treatments that may provide for a normal life expectancy. Most men never see the inside of a nursing home because they die young enough to avoid it and because they have caregivers, usually their wife. Women live longer and are far more likely go be widowed, then need nurshing care because there is no family caregiver.
As a practical matter, your current income and assets could probably be arranged to sustain one person in nursing care or assisted living without doing great damage to the living standard of the other. So LTC insurance is not a pressing issue. Although I like the idea of long term care insurance, I am reluctant to suggest it because there is so much bad product out there. At this point, your husband might not qualify for it, in any case. So you might be the only one who could get coverage.
As an alternative, you might consider a continuing care community where you and your husband could live independently, in assisted living, or in nursing care in the same community. I know people who have joined them and love them.
Scott
