Aug 01 2024 62 mins 1
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
