As a competitive swimmer from a young age, I learned the value of time in turning my Olympic dreams into reality. I wasn't lifting weights at the age of five, nor was I winning every event I entered during middle school.
But over time, I methodically added more skills to my repertoire that brought me closer and closer to my gold medal goal. By 1976, I met that goal head-on in the Olympic Games knowing that I had taken the necessary steps to be the best in the world.
The same strategies that worked for my Olympic training can work for clients of younger generations when it comes to planning for their long term care (LTC) needs.
Working with advisors on the intricacies of long term care for two decades while helping to provide care for aging parents myself, I know that there is never a better time to discuss LTC planning than today — no matter what age your client is.
For a little help, here are my tips for clients in their 20s, 30s, 40s and 50s to get them proactively planning so that they are ready for anything life throws their way.
Clients in their 20s & 30s
The thought of requiring long term care seems light ages away for most of your youngest clients, and for many it is still decades down the road.
This offers you a unique opportunity to start the conversation and develop trust. It's not about selling your 20 or 30-something clients long term care policies; instead, it's about setting them on a proactive financial course that will work to meet their needs for years to come… and keep them coming back to you in the process.
To start, younger clients deserve to have the blanks filled in so that they, too, can appreciate the impact that long term care costs could have on their future in all its forms.
The Genworth Cost of Care Annual Survey shows median LTC costs by state and is the perfect starting point. Though staggering and continually increasing, these costs aren't nearly as daunting for younger clients as they will be for clients fast approaching the realities of long term care needs. Time is on their side and yours- start them off right by making them aware today.
Clients in their 40s
Many clients in their fifth decade of life are juggling child-rearing with educational savings, and job uncertainties with mortgages. There can be a dizzying array of financial goals each vying for their attention but one thing is for certain: purchasing LTC insurance will not get any cheaper as your clients continue to celebrate birthdays.
Disability and long term care insurances are sister products that complement one another.
Most of your younger clients already have disability insurance, and you might have been the one who started that conversation and sold them their policies. But do they understand that disability may not cover long term events over 90 days?
