When it comes to buying ice cream, the options we have today are astounding. No longer is it just plain vanilla … there’s rocky road, chocolate chocolate chip, cookie dough, strawberry … you name it, and it’s probably out there. Sometimes all you really want is a bowl of plain vanilla, but it’s nice knowing you have multiple options to choose from.
The same is true when it comes to long-term care (LTC) planning. For a long time, all we had was plain vanilla, offered by more than 100 different carriers. However, as the market began to expand, there became a demand for some different “flavors” and things got exciting.
Today, the options are many, depending on the flavor that appeals to you and your client’s situation. We have single-premium, asset-based solutions that leverage a death benefit while still maintaining some cash value. There are solutions that allow clients to exchange their existing non-qualified annuities and leverage that account value TAX-FREE if care is ever needed. We also have the option of adding LTC or chronic illness riders to life insurance policies; these riders allow clients to accelerate the death benefit if they ever need care.
But, lest all these options overwhelm you, let’s not forget about the plain vanilla of traditional long-term care insurance. Yes, it may not be for everyone, but sometimes, plain vanilla is just what’s needed.
Put it in Practice: Now is a great time to reflect on the wide variety of flavors you can offer your clients. Ash Brokerage will not only help you understand all of the flavors available, but we’ll also help you determine which one will best suit your client’s tastes.
© 2018 Ash Brokerage LLC.