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NAIFA's Limited & Extended Care Planning Center

The LECP Center empowers professionals to network with solution and service providers to share best practices, directly access subject matter experts, research, training and resources; and provide thought leadership so we may continue to address the changing needs of the market.

1 min read

Experts at Apex will Explore Technology’s Transformation of the LECP Marketplace

By NAIFA on 8/8/22 9:15 AM

The limited and extended care planning (LECP) marketplace is transforming apace with innovations in technology. The rise of 5G, the fifth-generation standard for broadband cellular networks, has revolutionized the way we handle LECP data, providing greater data speeds, more reliability, and massive network capacity.

Topics: Long-Term Care Limited & Extended Care Planning Center Apex
3 min read

NAIFA's Limited & Extended Care Planning Center Top Reads from Q2 2022

By NAIFA on 7/26/22 3:15 PM

NAIFA's Limited & Extended Care Planning Center is focused on bringing you comprehensive information to help your business thrive in the long-term care sector. Below are the most read and most relevant articles by professionals like you from this last quarter (April to June 2022), written by NAIFA and our dedicated partners.

Want to see more of this content, or have a suggestion of topics you would like to see discussed? Let us know at lecp@naifa.org.

Annuities and LTC Insurance: Two Case Studies in Planning

By NAIFA

Annuities can be an important part of long-term care planning, Tom Riekse, ChFC, CLU, CEBS, Managing Director at LTCi Partnerstold attendees of NAIFA’s Limited and Extended Care Planning Center webinar. “Unfortunately, there has probably not been as much emphasis on how they can work together in a plan for care as there should be based on some of the great benefits available.” 

Topics: Long-Term Care Life Insurance & Annuities Reverse Mortgages Limited & Extended Care Planning Center
1 min read

LIMRA Finds Employers Look to Modify Employee Benefits Offerings

By NAIFA on 7/14/22 8:55 AM

A new survey by NAIFA’s industry partner LIMRA and EY found that about 75% of employers believe they will need to modify their employee benefits packages within the next five years to attract and retain top talent. Among the top benefits employers believe workers will be most interested in are: life insurance, paid family and medical leave, short-term disability, long-term disability, and physical wellness programs. The survey also found that a significant portion of workers place a greater value on workplace insurance benefits – particularly health insurance, life insurance, and disability insurance – than they did prior to the COVID-19 pandemic.

Topics: Group & Employee Benefits LIMRA Limited & Extended Care Planning Center
4 min read

How to Use Trusted Contacts to Gain New Clients

By Cameron Huddleston on 7/8/22 4:59 PM

Do you ask your clients for trusted contacts?

Since 2018, brokerage firms have been required by FINRA Rule 4512 to ask their retail customers to provide the name and contact information of a trusted contact person. Although the rule applies only to broker-dealers, it’s still a best practice for all wealth management and financial advisory firms to gather this information from clients. 

Unfortunately, time-strapped advisors too often treat getting trusted contacts as an administrative task versus an opportunity to grow their practice. Trusted contact record-keeping should be thought of as a critical practice infrastructure, contributing far more than a list of emergency numbers. If you’re not already asking clients for trusted contacts, here are two key reasons why you should.

Reason 1: Protect aging clients from fraud and exploitation

As an advisor, you help clients build sound financial plans. However, all of that planning can be for nothing if your clients lose their money to elder financial exploitation. Millions of older Americans become victims of scams or financial abuse each year and lose more than $3 billion annually to these crimes, according to the FBI.

The aim of FINRA Rule 4512 is to protect investors—particularly seniors—from fraud and exploitation. Firms can reach out to their customers’ trusted contacts if they are concerned about activity in customers’ accounts. 

Advisors are the first line of defense for older adult clients. By creating your own trusted contacts policy, you can get authorization from clients to reach out to someone they trust if you suspect your clients’ assets are at risk of exploitation. A trusted contact can help you confirm suspicions that a client’s financial decision-making ability has been impacted by cognitive decline issues or that a client is being taken advantage of by scammers or even family members. In short, it’s the right thing to do to provide your clients with the protection they deserve. 

Topics: Prospecting Limited & Extended Care Planning Center

How Not To Tear Your Family Apart: Things That Bring Joy

By Carroll Golden on 6/17/22 9:30 AM

Life can be unpredictable and challenges will arise. We cannot always control our circumstances, but we can control our perspective and what we focus on. Choosing to see the good in bad or hard situations is what will make the ultimate difference in the long run. The CPT (Care Planning Team), is an important resource regarding this. They help individuals get back on track in their lives and continue that joy perspective.

Topics: Limited & Extended Care Planning Center

How Not To Tear Your Family Apart: What Can You Grow?

By Carroll Golden on 6/16/22 9:30 AM

Long-term growth requires long-term planning. Reduction in taxes, fewer fees, more savings, and exponential growth, are all factors of long-term planning. A long-term care funding plan was also created which increases success in these areas and is an option for those wanting to be smarter with their finances.

Topics: Limited & Extended Care Planning Center

How Not To Tear Your Family Apart: Cash Flow Concerns

By Carroll Golden on 6/14/22 9:30 AM

Proper preparation = better cash flow. Without thorough forethought and intention put into place for the future, cash flow is bound to be a concern. This excerpt dives into the specifics of what a lack of preparation results in and the cash flow measures that should be taken to prevent them.

Topics: Limited & Extended Care Planning Center

How Not To Tear Your Family Apart: Caregiving Impacts Retirement

By Carroll Golden on 6/13/22 9:30 AM

One of the most overlooked threats to retirement is when people need to either limit their earning potential in the workforce due to caregiving demands (think not taking a promotion or limiting the ability to travel), or they leave the labor force altogether because the demands of caregiving are so great. This excerpt explores the impact that leaving/diminished workforce engagement has on future retirement planning.

Topics: Limited & Extended Care Planning Center
8 min read

How a Reverse Mortgage Loan Can Enhance a Sound Retirement Strategy

By Fairway Independent Mortgage Corp. on 5/27/22 1:30 PM

These days, people are living longer which, of course, is a good thing. But it also means retirees’ savings must stretch further to last throughout retirement. Throw in the recent surge in inflation, rising long-term care costs, and the unfortunate reality that many retirees are not financially prepared for retirement, and we have the makings of a retirement crisis ahead. 

On the bright side for older-adult homeowners, housing wealth has been on the rise. According to the National Reverse Mortgage Lenders Association (NRMLA), U.S. homeowners aged 62+ saw their home equity soar to a record $10 trillion in 2021. It can be prudent for homeowners and their advisors to discuss ways to incorporate housing wealth into retirement planning decisions. 

Topics: Retirement Planning Financial Planning Planning in Advance Reverse Mortgages Potential Partners for Advisors Insurance
1 min read

Loyal NAIFA Member Cheryl Canzanella Joins Fairway Independent Mortgage

By NAIFA on 5/26/22 10:28 AM

We're pleased to congratulate loyal NAIFA member Cheryl Canzanella, CLU, ChSNC, LUTCF, on her new position with NAIFA partner Fairway Independent Mortgage. Cheryl will take over the role of HECM Business Development Manager - Retirement Solutions.

Since joining NAIFA in 2010, Cheryl has been active in the NAIFA community. She is a Past President of NAIFA-Northeast Florida and has served in leadership positions at the local, state, and national levels. She is also a recipient of NAIFA-FL's President’s award. In 2019, she was recognized as NAIFA’s Young Advisor Team Leader of the Year. Cheryl is also a Founding Past President of Women in Insurance & Financial Services (WIFS) Northeast Florida.

Topics: #NAIFAProud Leaders

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