News flash from the Long Term Care Planning Network!! Karen Henderson is delight to announce that she has completed and passed the LLQP A & S course and exams that now qualify her to sell living benefits products. “Given my extensive aging and long term care knowledge, and years of experience working with advisors and their clients, it made sense to take my LLQP and close [...]
“You have more than enough money to pay for long term care if you ever need it, so don’t waste your money buying long term care insurance!!” That is the advice that many financial advisors, CPAs, attorneys, and insurance agents give to their clients. So, is it the right advice? Let’s find out. Imagine that you have $3,000,000 in assets – your home, your 401k plan, [...]
Regardless of your net worth, a good estate plan should accomplish these essential goals: Caring for yourself by authorizing people to handle your affairs if you no longer can because of illness or disability Specifying who gets what after you pass away Providing for children who are minors or who have special needs. For more information: www.estateplanningsmarts.com. LifeTRUST Planning Since their inception in 1989, LifeTRUST Planning has [...]
By Jesse Slome AALTCI Individuals purchasing long term care insurance in 2009 tended to be slightly older and selected less costly policy features, according to the American Association for Long-Term Care Insurance (AALTCI) annual study. The organization's research was based on an analysis of 155,000 individual placed policies. Clearly, the economy is having an impact on when individuals start their long term care planning and what [...]
Here are three frequent responses when the issue of long-term care planning comes up: It won’t happen to me (Get me that crystal ball and I’ll use it to pick stocks too!) I don’t want to think about it (Who does? But statistically it probably will happen) My children will take care of me. (Do they know?) So, here comes some new information that may alter [...]
In a research study conducted in August 2009, LIMRA found that education and communication are two key elements when it comes to client satisfaction with financial advisors. A lack of communication was cited by 35% as a key reason for client dissatisfaction, while only 12% cited loss of money as a reason for dissatisfaction. Almost 40% of respondents cited the advisor’s willingness to educate as a [...]
NEW!! Custom Care Planning Service In response to an increasing number of advisors who are asking about resources for clients with aging parents, we launched our Custom Care Planning Service at the recent LTC Conference in Toronto. How it Works If a client asks for support or information for aging parents, advisors now have a solution. Simply refer clients to our Custom Care Planning Service where they will receive: [...]
It's no secret that I advocate the inclusion of long term care planning into every financial/retirement plan. Below is an article I wrote for Advisor.ca to help advisors use a personal experience to increase their comfort with the long term care planning process. Creating Your Own LTC Plan to Support Clients Before you attempt to sell long-term-care (LTC) insurance, consider examining your own life and plan [...]
Canada Faces Crisis in Caring for Elderly: Researcher May 31, 2009 "Canada will soon face a serious crisis in caring for the elderly unless policy-makers act now to head it off, says a Carleton University researcher. Lifestyle changes combined with an aging population are about to create a serious eldercare crunch in Canada." Since beginning this e-newsletter in 2005, I have written very little about caregiving, [...]
Illogical care decisions are made because we don’t provide the right services at the right time. The unequal rate of the aging of the population across the country creates challenges for provinces to provide a comparable range of services. Some seniors live in isolation or in inappropriate homes because of inadequate housing and transportation. Current income security measures for our poorest seniors are not meeting their [...]
Because I am presently heavily involved in the financial services sector, many of you may not be aware of my former experience in the family caregiving arena. I know what caregivers do on a daily basis: from meal preparation, house maintenance, shopping, to personal care - assistance with bathing, toileting, and dressing. They help with transferring, transportation, banking and every other task you can think of [...]
Huge, according to a new US organization called PREP - The Partnership for Retirement Education and Planning (PREP)(www.preppartnership.com). To help Boomers better understand and address the unique financial challenges they'll face in retirement, 11 non-profit financial associations, representing more than 200,000 financial services professionals around the world, have formed this unprecedented collaboration. "Unfortunately, the Boomer generation as a whole has not planned well for what is [...]
