The Greatest Threat to Retirement Savings

The Greatest Threat to Retirement Savings
What do you think is the greatest threat to your client’s retirement savings?

It’s not stock market declines. The stock market bounces back after a fall, the elderly do not. In fact, once a person reaches age 65, there is a 70% chance they will need long term care before they pass away. For a couple that translates into a 90% chance.

There are several ways to combat this threat: traditional long term care insurance, an annuity with a long term care provision or life insurance policy with a long term care rider. Which is right for your clients?
 

Which Life/LTC Insurance Combo is the Best?

Which Life/LTC Insurance Combo is the Best?
How do you know when to use universal life insurance with a LTC rider or a true hybrid life/LTC product?

We usually associate hybrids with clients that can afford larger premiums since these products are usually available as short-pay or single pay plans. Likewise, we propose ULs with riders for clients with less cash flow. You might be surprised to learn that for most of your clients, the hybrids provide a better value even though the initial premium may be slightly higher. The lowest initial premium is not always the best option for every client.

Facing our own Mortality: Will your Trip be Memorable?

Presented by Leonard Berthelsen The data is out there, 70 million baby boomers are entering retirement and also coming to grips with their own mortality.  Will our clients be ready for this trip and will you make it a memorable one for them and their families? Retirement should be all about family, friends, faith, travel and many pleasant memories.  Planning now for the possibility of a Long Term Care need erases the concerns of who will provide care, where that care will be rendered, and how often.  Give your clients peace of mind and allow them to focus on the things that really matter in retirement. Long term care coverage is that peace that so many individuals and their families share in this aging trip.  Have you made that available to your clients or had the conversation about this? I have discussed in other blog postings about friends and family affected by this process.  The more I reflect on this issue, the more keenly aware I become that we have to have this conversation.  Yes, it is the professional, ethical, and right thing to do, but sometimes this conversation can be difficult.  I have come to the conclusion that in order for there to be a peaceful, memorable process for this aging trip, I need to find a way to soften the financial burden associated with it. Whether it is traditional long term care insurance, a hybrid life insurance plan or a linked benefit annuity, it doesn’t matter, something needs to be there to help our clients with this aging trip.  Have you had the conversation; is your client and their family going to have a peaceful and memorable trip?

Taking Care of Our Fathers’ Generation

Presented by Leonard Berthelsen It’s now been six weeks since the loss of my good friend who suffered in his later years with the debilitating effects of Alzheimer’s.  I have reflected often over these six weeks about his life; the energy, the vibrant personality and the zest for life that he had until that final year.  It is so sad to see the effects of this disease and what it drains from a person right before your eyes. My friend was married, had two wonderful children and three grandchildren.  He always had a smile on his face, teased people immensely and was forever volunteering to help others –   exactly what you would want in a friend, father, grandfather and husband.  As his generation takes their final journey, I find myself asking “Are we taking care of our fathers’ generation as well as we can?” So what does this have to do with insurance, or the profession we decided to make our life’s work?  We have the opportunity AND responsibility to make sure that the final journey is as smooth as possible without the pitfalls that come from the financial crisis that comes far too often to so many people who have not planned for the final journey of life. In the weeks leading up to my friend’s death, I was visiting with his wife about some of the financial issues she was experiencing and she told me, “I don’t know what I would have done if we didn’t have long term care insurance.”  He was in a specialized memory care facility with others experiencing that same final journey.  He stayed in that care facility for nearly two years.  The final year he experienced difficulty remembering people and names, but yet still maintained his sense of humor and love for his family. I have been in this business for over 30 years and have had a lot of clients experience similar journeys – and it is never easy with any of them.  My comfort comes from knowing that I did what I could to make that journey a little less painful and a little less stressful without it becoming a financial crisis. Are you taking care of our fathers’ generation?  Are you doing everything that you can to make that journey less painful?  Are you providing the guidance that your clients so desperately need? Ask yourself these questions.  Maybe it’s time to refocus on our mission and help others with that final journey.