- Go for a limited-pay policy. The initial cost is higher, but the price is locked in. Once it's paid, it's paid.
- Consider a combination policy of variable life, cash value, and LTC. Once the lump sum has been contributed, that's it.
- Consider the return-of-premium rider. It, too, is expensive, but it can protect the estate for heirs if the policy is not used.
- Use it as part of a prenuptial agreement. This will protect both spouses and any children and heirs involved.
- Pay for it with a reverse mortgage. Depending on your clients' situation, this may be the way to go.
- Suggest that business-owning clients have their C corporation purchase the policies for them.
- Suggest that clients' children pay for the policy, or share the expense with their parents. Coverage will protect both of them.
- Suggest that clients look for an employer willing to provide LTC insurance as an employee benefit. This can offer coverage not only to them, but to their immediate family members, and will save employers the expense of workers' time lost to caretaking.
- Suggest LTC insurance for clients who have assets tied up in real property, such as real estate. If they self-insure, they may have to sell assets to finance their care; a policy will preclude that.
- Last but not least, consider getting politically involved to push through the passage of the Ronald Reagan Act or similar legislation. The Reagan Act includes a provision to make premiums for long-term care insurance an above-the-line tax deduction--something that will benefit purchasers and encourage them to more actively plan for their own senior years.
The top articles from the 2014 issues of IMCA's Investments & Wealth Monitor demonstrate the range and depth of content IMCA has become well known...
At Personalized Brokerage Services we’ve worked with thousands of independent financial professionals to build a marketing strategy to help take their practice to the next...
This collection of articles from IMCA's Investments & Wealth Monitor focus on alternative investing - the past, present, and future of alternatives, alternative strategy mutual...
Apr 15, 2015
Clients are sometimes shell-shocked when they look at long-term care investment options. Smart advisors must be able to effectively communicate the importance of long-term care...
Feb 04, 2015
Clients are turning more to their financial advisors for guidance regarding how to handle their Social Security withdrawal strategy. Therefore, advisors need to not only...
Dec 11, 2014
Join this webcast and hear form Brian Jack, Director of IT at Budros, Ruhlin & Roe, Inc., on the top trends in workflow design and...