Why Long-Term Care Insurance Should Likely Be A Part Of Every Client’s Financial Plan

Modern Financial Advisor

Larry Nisenson, Chief Commercial Officer at Assured Allies and Mike Langford discusses the need for financial advisors to have conversations about long-term care insurance with their clients. As Mike emphasizes in the episode's intro, the probability of clients needing long-term care is high, and the cost of securing long-term care is also high. Larry and Mike cover statistics on the need for long-term care, the challenges of discussing it with clients, and the importance of planning for long-term care in financial advice.

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Resources Mentioned In This Episode:

• "Is Your Home Ready to Age With You?" - Blog post on the Assured Allies with guidance on the steps your clients may need to take to ensure their house is ready to support their needs in the elder years.
• Modern Financial Advisor Podcast episode featuring Jay Zigmont of Childfree Wealth.
• goRIA with InvestmentNews - https://inpartners.investmentnews.com/goria/p/1
• Zvi Bodie's website. He was my favorite professor at Boston University.
• Agents.NeverStop.com - This is the site that Larry mentioned you should visit to learn more about Long-Term Care Insurance.

Chapters

00:00 The Need for Long-Term Care Insurance

03:45 The High Probability and Cost of Long-Term Care

09:22 Challenges of Discussing Long-Term Care with Clients

12:14 Including Long-Term Care Planning in Financial Advice

20:37 Building Relationships through Long-Term Care Conversations

26:06 Protecting Advisors from Potential Litigation

31:22 Planning for Long-Term Care

32:18 Aging in Place

40:29 Financial Tools for Long-Term Care Planning

49:00 Starting Early: Discussing Long-Term Care Options

52:25 Long-Term Care for Child-Free Clients