Your clients work with you today because they need your help piecing together their puzzling financial plan so their retirement lifestyle is comfortable and structured for a lifetime benefit. After building their net worth, your clients are happily coasting through retirement, but there is a new challenge on the horizon that you probably have not discussed with them yet. That missing puzzle piece is an asset-based long term care plan.
Before implementing a long term care plan to complete your client’s financial puzzle, there are a few considerations to make. The first thing to recognize is the steep costs associated with long term care expenses without implementing a proper plan. Second, you must identify the target market within your current book of business. Finally, you must determine which asset will be the most appropriate to fund your asset-based long term care plan.
The rising costs of a long term care facility could be the biggest financial burden your clients face. Without proper planning they could be paying a $100,000 annual bill for nursing home care alone. The average nursing home cost in the United States is $108,405. Depending on their location, that number can reach shocking heights. For instance, in my home state of California, the average nursing home cost is $146,000. If your clients faced an annual bill of this magnitude in retirement, wouldn’t that be a key factor to consider in their financial plan?
Insurance is already a requirement to mitigate future financial risk in many areas of our lives. I own a car and need car insurance to drive. I own a house and need homeowner’s insurance to live. The odds of me getting in a car accident are 1 in 240, the odds of a fire in my house are 1 in 1,200, yet the odds of me needing long term care insurance are one in two. The fact of the matter is that long term care insurance is not a want but a need. The costs for a nursing home are rising each year with inflation and, as their advisor, you are responsible for recommending a long term care plan that addresses this financial threat that half of your book of business is expected to face.
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If you are looking for a partner who cares about your clients as much as you do, please reach out to LifePro Financial Services at 888-543-3776. We are a premier IMO located in San Diego, CA that has been in business since 1986 and was originally founded by Bill Zimmerman.
Our focus is getting advisors in front of the right prospects through our proprietary digital marketing systems while offering industry best-case design and reporting, professional back-office support, and competitive compensation with incentives.
This information does not substitute for legal guidance and is meant for educational purposes only. Guarantees are backed by the financial strength and claims-paying ability of the issuing insurance company. Remember to consider your client's individual circumstances and objectives when discussing their specific situation.LifePro is not a government entity and is not affiliated with the Department of Labor. Please note that the new Fiduciary Rules should be upheld in addition to the current laws and regulations that govern your profession.