- 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.
ThinkAdvisor's TechCenter is an educational resource designed to give you a competitive edge by keeping you abreast of new tech innovations and need-to-know information that can be applied to your business.
It's not when you retire. It's how you retire.
In this White Paper, we share five steps to help you build a risk management program that enables the benefits of text messaging while protecting...
Many are uncertain about fiduciary regulations, but one thing is clear. Your clients expect you to act in their best interest when it comes to...
Mar 21, 2017
Americans are living longer and healthier lives, and these added years can create new challenges for retirement income planning.
Feb 07, 2017
The DOL fiduciary rule is quickly approaching the first compliance date, effective April 10th, with full implementation starting January 1, 2018. Is your business on...
Jan 31, 2017
For many, the New Year means new technology being implemented at the practice. One of the biggest challenges facing advisory firms today is getting the...