Over the past several weeks as part of the Leading Tomorrow with OneAmerica speaker Series, we have heard from experts who talked about aging, longevity, and working / communicating with clients.
Here is a little something that I want you to chew on – longevity.
Let me pose this question. You (or some other professional) have developed an income strategy for your clients that will last a lifetime, but have you developed a protection strategy for those same client’s income producing assets that will last a lifetime?
Simply, do you protect their income from the risk of their health for the long term or a short period of time?
How much damage can $20,000 do to $2 million of income producing assets? Not much … but what if that $20,000 turns into $20,000 a month for 8 years due to long duration malady like Alzheimer’s or Parkinson’s? How much impact did that have on those income producing assets? I’d say significant impact.
Let me pose another question.
In the scope of your planning conversations, does longevity enter into the conversation? Or, do you make the assumption that playing by the averages are reasonable enough to make a recommendation? Or, do you use the cookie cutter solution championed by most of the asset-based/linked benefit/hybrid carriers and secure 6 years of coverage?
In my opinion, either of those approaches is playing with fire. And, as my grandmother Winnie always said, “when you play with fire, you will ultimately get burned.”
So, you are probably saying, “Fisher – get to your point!!!!”
Well, here it is …
Don’t overlook the longevity discussion. At the worst, you hear your client’s perspectives and concerns. At best, you craft a solution that aligns with their needs or wants. And, if longevity is the concern only a Care Solutions product from OneAmerica provides long term care benefits that can last a lifetime.
If you want more information … Contact Justin Fox via email at firstname.lastname@example.org or phone at (844) 658-3725 … or you can email at email@example.com or voice / text at (678) 512-9627.
The ideas and information shared by Fridays with Fisher is for use by financial professionals and is not intended for distribution to the general public.