As the healthcare debate drags on, and the uncertainty of the government’s ability to provide healthcare for everyone at a reasonable price is top of mind, we, as trusted financial advisors are ethically bound to offer our clients options to counter their healthcare woes.
One such healthcare component is that of long term care. If you are in dire financial straits, you become eligible for your state’s Medicaid program. One situation becoming more and more common is that families who have established a secure retirement portfolio leave themselves vulnerable to long term care expenses. This alone will unravel one’s financial dignity.
Eating up savings
It’s a sobering fact-more than half of those who need long term care will use up their savings within one year. And, while the type and length of long term care your clients may one day require is impossible to predict, it is more important than ever to have the long term care discussion with your clients today to ensure they are prepared no matter what their personal outcome may be. Doing so will ensure family members are spared the financial burden as well as the arduous task of making long term care decisions on behalf of your clients, should they be unfit to make the decisions themselves.
It doesn’t have to be that way. Our products were built for times just like this. Imagine the change in fortune for families who accepted your advice and took advantage of the unique attributes life insurance, annuities and long term care provide. We can guide them from spending into poverty and despair toward tax-free death benefits, guaranteed lifetime income and peace of mind from an annuity to pay for long term care expenses on your clients’ terms. Some call this selling insurance, I call it dignified estate planning.
No better time
There has never been a more appropriate time than now for financial advisors to talk to clients and prospects about not only how to effectively grow their assets but also how to protect themselves from the liability of living too long, dying too soon or becoming disabled or needing long term care. Life insurance is one of those unparalleled financial tools that can guarantee if you consume all your assets while you are living, those dollars can be recreated when needed for a surviving spouse or to pass on a legacy to children.
Estate planning is about writing the last chapter of a great book. So, what’s the message your client is leaving? Is it one of debts and broken dreams or a message of lasting love and peace of mind? The choice is yours.