Most advisors are comfortable talking to clients about risk (usually market-related), but not as comfortable talking about insurance, let alone long-term care (LTC) insurance. Don’t let LTC jargon or policy nuances stop you from having this important conversation. Speak to your clients in your language – talk to them about managing risk.
Long-Term Care is a Risk Management Issue
LTC Risk Management Process
Identify - Longevity/extended healthcare can be a risk to your clients' retirement planning
Reduce - We can’t reduce the risk of needing long-term care (good health = risk of needing help at an advanced age)
Control - We can try and try, but we can’t control father time
Assess - Funding and caregiving options
Analyze - Insurance and family (self-insurance) solutions
Transfer - Mitigate the risk by implementing a formal strategy (bona-fide plan to fund and manage a long-term care event)
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