The LTC advantage

There are a lot of misconceptions around long-term care (LTC) these days. And unfortunately, these myths are holding back many advisors and clients from incorporating LTC as a fundamental part of their overall retirement plan. According to a Genworth study, only six out of 10 people are convinced they'll ever need long-term care. But as the U.S. Department of Health and Human Services suggested, 70% of 65-year-olds will need some sort of long-term care in their lifetime.

While many Americans aren't planning for this risk, the issue doesn't stop with consumers. A 2017 study conducted by Versta Research on behalf of Lincoln Financial Group found that only 26% of advisors have discussed LTC planning with clients. Advisors reported that they're hesitant to bring it up because they think it's too depressing for clients. What's more, the segmentation of "financial advisors" (focused on AUM) and "insurance agents" (specializing in life insurance products like IUL) may be contributing to the lack of discussion. Sure, advisors may understand the importance of LTC, but many think they must specialize specifically in LTC, since policies seem too complicated and time-consuming.

THE REALITY: The fact is that there are many innovative solutions in the marketplace today. Some forward-thinking carriers have focused on simplifying policies, making them much more client- AND advisor-friendly. To learn about these solutions and how you can start the LTC conversation with your clients, join our webinar on Wednesday, December 11th at 12 p.m. MT. We'll break down the current LTC landscape, common misconceptions and best practices to easily incorporate LTC into your practice. Can't make the webinar but want to learn more? Call us at 866.866.7050.