Here’s a list of the most important reasons to talk about long-term care insurance.
- Your clients
Clients rely on your expertise and recommendations when it comes to protecting assets and planning for their future. In many cases, your guidance is essential to their peace of mind.
That’s especially true with decisions about long-term care insurance. In fact, 90 percent of consumers surveyed agree their financial advisors should discuss LTC plans with them. (VerstaResearch 2017).
Your clients want you to bring it up – not because aging and health care are as engaging as steady portfolio performance. Rather, they likely know families and colleagues whose lives have been touched by the emotional, physical and financial impact of a health crisis. And your clients want to be prepared.
LTC Perception and Reality
Despite wanting the conversation, clients may still hesitate. Long-term planning can take time because:
- One spouse may be more willing to discuss the topic than the other.
- New grandparents may want to preserve assets for retirement and inheritance at the risk of other needs.
- Pre-retirees might think Medicare will cover their future care needs.
- Baby boomers could be banking on the hope that their active lifestyle and good health today will continue indefinitely, eliminating the need for protection.
Furthermore, the thought of potential care often conjures visions of lonely nursing homes of old. But long-term care today more often means assistance at home. Clients are relying on you to balance their perceptions with sound planning, and we can help.
Comparing LTC Product Options
With Highland Capital Brokerage you have ready access to a wide range of solutions for your clients, including:
- Long-term care insurance designed to protect assets from an extended health care event. Among other benefits, premiums can be paid with tax-advantaged HSA funds and are tax deductible for business owners.
- Linked benefit plans offer both long-term care benefits and a tax-free death benefit of life insurance with the advantages of Return of Premium options, and fully guaranteed benefits.
- Life insurance with LTC or Chronic Illness rider includes flexible premium options and potential for a larger death benefit, if long-term care is not needed.
Our Resources, Your Results
Highland has the resources to help you have these critical longevity conversations with your clients.
Download these resources now to get started:
- The Winning LTC Strategy Case Study outlines ways to show clients how using money market savings or other assets to purchase a policy could make sense. It also includes questions to keep the conversation going.
- The Highland’s LTC Planning guide spells out the facts and follow-ups to know when consulting with your clients on the financial and emotional impact of long-term care needs.
Contact our Highland experts with your LTC questions and cases by calling our National Sales Desk: 844.422.3375, Option #3.
You may also consult with our LTC & Longevity Planning Director, Nancy Simm. Her healthcare experience and product know-how combine for insights that may lead to LTC sales for you. Email Nancy with questions or call her at (860) 470-0220.