As you know, coming up on May 3, LTC Coffee Break will be airing a full episode featuring industry legend Phyllis Shelton. Earlier this week, we shared an excerpt from our conversation with Phyllis where she talks about WHO actually benefits from a plan. If you didn’t watch, check it out.
Get a new idea every Tuesday when Michael Florio and I drop a new episode at LTCcoffeebreak.com.
Think about what Phyllis talked about – the ultimate beneficiary from a funded long term care plan that utilizes insurance is the family of the insured. I want to take this one step further and make a subtle comparison to disability income insurance.
Consider this point, both DI and LTC insurance provide income protection. They insure a similar risk (health or lack thereof) to one’s income. Both DI and LTC insurance are designed to provide income and protect income producing assets.
The difference is point in time.
With that in mind, let me ask a question. Do your client’s protect their most important income producing asset from the negative consequences of an adverse health situation?
It is a simple “YES” or “NO” answer.
And, remember, that is a loaded question – one’s most important income producing assets shifts from their ability to work and earn a paycheck to their retirement plan (whatever that may be) the day that they decide to retire.
The bottom line is this – at a minimum, your clients should be protecting their income (during their working years and beyond) and that plan must be shared with the people who will execute their plan when that time arises.
To help make the LTC planning conversation, the OneAmerica Step-by-Step Guide To Receiving LTC booklet is an excellent resource to drive that planning conversation. It is free, generally product neutral (only 2 paragraphs about OneAmerica products), and offers a boatload of information and resources.
And, please, speak with your family, friends, and clients about their plans,
For questions about OneAmerica, case design, planning strategies, or asset-based long term care solutions, please contact me via email at firstname.lastname@example.org or call me at (678) 512-9627.