- 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.
Complete the form for more information on becoming a part of Century Securities and for INSTANT ACCESS to this article!
Learn how top performers are currently using today's technology and tools to manage their growing client base while delivering higher levels of service.
Search engine marketing isn't about getting traffic! It’s about getting the “right” traffic based on keyword and content.
May 07, 2014
While technology innovations and platform upgrades may take an initial upfront investment they can deliver a strong ROI if managed properly. But how can you...
Apr 01, 2014
Regardless of the level of wealth that your clients enjoy, if you’re not providing them with knowledgeable advice about when and how to take their...
Mar 25, 2014
Practice Management and coaching won’t get you where you want to go. You must look beyond your practice and take on a more holistic view...