This is a bit of a rant based upon a LinkedIn post that I read a short time ago trashing asset-based / linked benefits products. Here is my official disclaimer – this is my opinion and not that of OneAmerica Financial.
I am sick and tired of looking at LinkedIn posts where asset-based / linked benefits long-term care plans are dragged through the mud. THIS HAS TO STOP!
One reason for the asset-based / linked benefit policies growth in popularity is what the long-term care insurance industry did to itself. That little point that they were mispriced and the lingering impact of that (premium increases).
Say what you want about the modern pricing methodology for the traditional products getting it right this time. People (consumers and producers) aren’t buying it. And, I am tired of people throwing rocks at the asset-based / linked benefit solutions.
I believe that there is a proper solution for each person. ASSUMING THAT THEY ACT!
I want to push back on a statement about asset-base / linked benefits products that have gotten under my skin.
I patently object to the assertation that if you are recommending only asset-based / linked benefit products that you are not fulfilling your fiduciary responsibilities. The statement should be if you are not including a long-term care strategy, then you are not fulfilling your fiduciary responsibility. The problem is not what product is elected to fund a long-term care plan, it is getting people to include it in their retirement plan.
Enough with the “if the traditional product isn’t included, the approach is garbage” rhetoric. We have a national extended healthcare delivery and funding issue and we need to address it using all the tools available. That is what needs to be the message not if you don’t talk about a specific product, blah, blah, blah.
We deserve better than what we are hearing from within the industry.
Every product has a proper place.
Asset-based / linked benefits products offer guarantees – both premiums and benefits. That is the story that is resonating with so many people – consumers and financial professionals.
We need to stop trashing solutions and start promoting the need for planning and not relying on the plan of hope, self-funding, and ultimately disappointment.
There are plenty of tools available to help that planning discussion – pieces like:
Step by Step Guide to Receiving Long Term Care (consumer approved)
Care Planning Worksheet (consumer approved)
The long and the short of this is that people need to plan. Agents and advisors need to include long-term care in their planning. And, the industry has to stop bickering about why they believe that their product is the “cat’s meow”.
Above all, we need to simply ask the question – what’s your plan and how will you pay?
Want funding ideas?
You can contact me or one of my internal sales partners – Justin Fox at (844) 658-3725 & justinfox.isp@oneamerica.com or Nick Angelov at (844) 623-4251 & nick.angelov@oneamerica.com
Fridays with Fisher 