Motivating clients to help protect their financial plan is NEVER about lifetime maximums, monthly benefits, inflation options, or the various moving parts of a long-term care insurance policy. 

An authentic and meaningful discussion that helps instill the value of planning involves two topics:

1. 1. Helping them visualize the financial consequences of needing care.
2. 2. Helping them internalize the emotional consequences of needing care.   

The right financial plan can help mitigate BOTH consequences.

Teeing off the conversation:

• “We need to discuss a topic that, left ignored, can disrupt your legacy planning and the future income of your spouse.”
• “Let’s review and see if there are steps that can help secure the financial goals and commitments you’ve already made to ensure loved ones are taken care of.”
• “Extended care is a significant disruptor and unless properly addressed, puts at risk your ability to uphold the commitments of your financial plan.”
  

Conversation Staters: FINANCIAL implications of needing care (regardless of their net worth)

• Without proper planning, what is the impact to your income when you need care?
  • Would spending need to be reduced to free up cash to pay for care?  Which expenditures would have to go or be significantly reduced?  
    
    

• Without proper planning, which assets would be converted to cash to pay for care?    
• Are those assets already earmarked in your financial plan to address future income or other goals? Are you willing to give up funding those goals if you need care?
• Are there tax consequences or other implications converting those assets to cash? Will it be easy to convert those assets to cash?

Conversation Starters:  EMOTIONAL implications of needing care.

• You may not be in a condition to handle financial decisions. Loved ones are dealing with the emotions regarding your need for care.  It may not be the best time for them to make serious financial decisions on your behalf.  
  
  
• While insurance can’t solve every issue, finances are often at the root of family conflict between those who want to act quickly and those who want to be more cautious regarding making significant financial commitments.
  
  
• The use of OPM – Other People’s Money, (i.e., insurance company), can help reduce concerns and buy time for loved ones before you, or them, must make consequential financial decisions.   
  
  

Clients must understand how extended care will disrupt their finances and their family. 
The right insurance may help them avoid or minimize that disruption.