Concerns about Long-Term Care (LTC) continue to be on the minds of the aging Baby Boomer population – 66% of Americans surveyed say Long-Term Care planning is important, but only 20% have discussed the topic with an advisor. Why does this discrepancy exist? Part of it may be the reputation of “old-school” stand-alone LTC policies with the “use-it” or “lose-it” benefits or maybe LTC coverage is not traditionally included in the conversation people have with their financial/wealth advisors during their planning. Whatever the reason, the conversation about Long-Term Care MUST be an integral part of any retirement planning you do as a wealth advisor. Being proactive before care is needed can make a lasting impact on your client’s quality of care, ability to maintain dignity and their family’s financial security.
Another Level of Financial Security
AgencyONE’s Case Design Department has seen an increase in requests to illustrate life products that include some type of LTC or Chronic Illness benefit. These products have improved tremendously over the years and offer a great way for you to provide more value to your clients and their families. These life products with living benefits provide more than just a desired death benefit; they add another level of financial security for your clients in the event they become ill and require expensive, long-term medical assistance. These hybrid benefits provide additional options to consider and typically include the following features:
- They are primarily designed for LTC coverage but linked to a life insurance policy;
- They are not tied to market performance;
- They pay benefits whether the client needs LTC or not (Benefit could be through a death benefit if not used for LTC); and
- They offer clients guarantees in premium, amount of LTC benefit, death benefit and even a refund of premium option.
The Long-Term Care Conversation
Many of AgencyONE’s carrier partners offer excellent Long-Term care hybrid products. During our Annual Meeting this past April at the Watergate Hotel in Washington, DC we invited Lincoln’s MoneyGuard Regional Marketing Director, Mark Buehner, to discuss their new MoneyGuard II product along with the new client presentation approach! Mark’s presentation garnered lots of interest and resulted in our hosting two MoneyGuard II webinars earlier this week (we hope you had the time to attend one of the two webinars on June 10th
). If you were unable to attend the webinar or you would just like to hear it again, you may link to the recording here
(recording password: eP6GpJqi).
Mark did an amazing job positioning the Long-Term Care conversation by providing the tools to educate your clients on the myths around Long-Term Care, a resource
for researching the Cost of Care in your clients’ area, and helping you assist your clients’ in identifying existing assets that could be used for Long-Term Care planning. Click here
for all the necessary MoneyGuard II marketing documents (these can be branded or private labeled for you) you will need to re-frame the conversation with your clients about Long-Term Care and its importance in their financial planning.
Let AgencyONE’s Case Design department assist you and your clients in navigating the LTC, Chronic Illness and Hybrid product landscape. AgencyONE has the product knowledge and planning expertise to help you and your clients find the best solutions to satisfy their insurance and financial goals and assist YOU in gaining the edge over your competition.
Please call AgencyONE’s Case Design Department at 301.803.7500 for more information or to discuss a case.
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