Why Long-Term Care Insurance Should Likely Be A Part Of Every Client’s Financial Plan
Larry Nisenson, Chief Commercial Officer at Assured Allies and Mike Langford discusses the need for financial advisors to have conversations about long-term care insurance with their clients. As Mike emphasizes in the episode's intro, the probability of clients needing long-term care is high, and the cost of securing long-term care is also high. Larry and Mike cover statistics on the need for long-term care, the challenges of discussing it with clients, and the importance of planning for long-term care in financial advice.
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Key Takeaways From This Episode
The probability that clients will need long-term care is high, and the cost of securing long-term care is also high.
Financial advisors often shy away from discussing long-term care insurance due to headline risk and negative perceptions of the product.
Having conversations about long-term care insurance is crucial for financial advisors to provide holistic financial advice and plan for potential long-term care needs.
Including long-term care planning in financial advice can help retain assets and build relationships with clients and their beneficiaries.
Financial advisors should document discussions about long-term care insurance to protect themselves from potential litigation. Long-term care is an important consideration in financial planning, and it is crucial to plan for the potential costs involved.
Aging in place is a desirable option for many individuals, but it requires modifications to homes and additional expenses.
Financial advisors can use projection tools and financial planning software to help clients prepare for long-term care expenses.
It is never too early to start discussing long-term care options, and advisors should consider the needs of family caregivers as well.
For child-free clients, long-term care insurance can still be a valuable asset to protect their legacy and ensure their desired level of care.
Resources Mentioned In This Episode:
"Is Your Home Ready to Age With You?" - Blog post on the Assured Allies with guidance on the steps your clients may need to take to ensure their house is ready to support their needs in the elder years.
Modern Financial Advisor Podcast episode featuring Jay Zigmont of Childfree Wealth.
goRIA with InvestmentNews - https://inpartners.investmentnews.com/goria/p/1
Zvi Bodie's website. He was my favorite professor at Boston University.
Agents.NeverStop.com - This is the site that Larry mentioned you should visit to learn more about Long-Term Care Insurance.
Chapters
00:00 Introduction: Unlocking Tied-Up Value
02:25 The Opportunity for Financial Advisors
04:21 Partnering with Financial Advisors
09:31 Understanding the Scale of Small Businesses
17:45 The Benefits of Organizing a Competitive Process
23:23 Having Conversations with Business Owner Clients
25:19 Maximizing the Outcome of Selling a Business
35:27 The Importance of Succession Planning
41:34 Building Trust as a Resource for Business Owners
