I recently completed some additional long-term care insurance training. We do this to stay current with industry changes and to learn about new tools available to our clients. I’d like to tell you about a situation that highlights why this is an important aspect of our services.
Often, when situations in our life change (i.e. graduation, retirement, marriage), the planning may need to change as well. For one of our clients, their life insurance policy, which had built up some cash value, was no longer needed. Also, the client was more interested in protecting their retirement savings from potentially costly healthcare expenses. Long term care insurance made more sense. We were able to provide a solution using the cash value from their life insurance policy. This meant no tax consequences or cash out of pocket to protect their life’s savings. Needless to say, the client was thrilled. We were too! It’s just one of the reasons we like to meet with our clients on a regular basis to make sure opportunities like this aren’t missed.
During this time of the year, it’s good to reflect and begin thinking about upcoming changes you might need to make. You may even have some extra time right now to review your policies to make sure they are suitable to your current and future needs. Be sure to bring those documents with you to your next appointment so we can review them together and discuss if there is a better solution.