Today’s pre- and post-retirees are a savvy bunch. They’ve lived through the upheaval of the ‘60s, the height of the Cold War, multiple economic recessions, ups, downs and all-arounds. Most of them raised children, put them through college and now have the greatest reward of all: grandchildren.
A long-term care "multi-tasker"
There are long-term care (LTC) products available that can do more and provide your clients with benefits beyond long-term care while avoiding annual premiums.
Existing assets instead of annual premiums
As stories continue to be told about the troubles in the traditional LTCI market, unfortunately the media has tended to focus on how large a single premium it takes to provide adequate coverage via asset-based products. While it is true and, as I’ve already stated, the products aren’t for everyone, what they fail to realize or report is that most consumers of a certain age already have money set aside, whether it is a CD, fixed annuity or money market that they will not depend on for income down the road. Each of these assets can be reallocated into asset-based LTC without impacting the clients’ monthly income. It’s up to you to refocus their thinking from a negative (large premium) to a positive (that monthly income remains intact). By repositioning an existing asset, we are moving dollars from one pocket to the other but still keeping it in the client’s pants.