As Americans, we have many inherent values often taken for granted. Some are more obvious–public discourse, free press and open elections. Others are less evident–financial tools, for example. Ultimately, we can't predict what challenges life will bring and when. However, with knowledge and resources, we do have the power to prepare for some of the uncertainties that may come our way.
It's important to help your clients determine ways to best protect their assets before unplanned events occur. While there is a wide variety of options to choose from, two commonly overlooked tools–annuities and long-term care insurance–can help provide added comfort in uncertain times.
Remove complexity
As advisors, it's our job to remove the complexity from planning for the unexpected. There are several types of annuities available, but an advisor can help his or her clients determine which will best fit their individual needs. Investment in annuities can guarantee an income for life regardless of what challenges they may face.
If a client has never cared for an elderly loved one or been ill themselves, it can be difficult for him or her to realize they may need to be cared for themselves someday. Long-term care insurance serves as a lifeboat, ensuring adequate care is established and, in turn, providing security during a possibly difficult transition and perhaps even assuring those assets get passed to the next generation as planned.
Protect resources
