- 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.
Access complimentary resources from Cambridge Investments to help navigate the fiduciary rule changes.
If you’re thinking of changing broker-dealers, you owe it to yourself to read this article that covers all major aspects of the transition process.
This White Paper outlines the immediate actions firms can take to correct outdated and costly supervision procedures.
Sep 27, 2016
Some broker-dealers have already decided to exit certain lines of business and are sizing up how the rule will impact their IT and compliance budgets....
Sep 20, 2016
This webcast will review the key aspects of the amendments and the steps that funds and intermediaries can take in order to comply with the...
Sep 13, 2016
Nationwide is providing a deeper look into the rule’s implications and a discussion of decisions firms will need to make in order to comply.