Increased awareness of long-term care (LTC) insurance means increased interest in LTC coverage. However, not all clients qualify for a traditional LTC rider.
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Financial exploitation of older adults is rampant, and the problem will only get worse as America’s population continues to age.
In fact, the rate at which adults over the age of 60 can expect to experience financial exploitation—1 in 20—is higher than the incidence of many age-related diseases, according to research published in The Journals of Gerontology. And that’s likely an underestimate because many older adults are unwilling to report exploitation.
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Senator Tim Scott (R-SC) knows the importance of the insurance and financial services industry and the role of agents and advisors in the wellbeing of Main Street Americans. He gained much of this understanding in his pre-political career as an insurance professional and NAIFA member.
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There is and likely will always be a debate between what’s better: “optimistic” or “realistic” thinking. When it comes to retirement and aging, it’s beneficial to have both mindsets. To look forward to the enjoyment of the golden years while recognizing the need to plan ahead for rainy days.
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Loyal NAIFA-CA member Louis H. Brownstone, CLTC, proposes a new solution for long-term care insurance planning in a recent Broker World article. Brownstone is the owner of California Long Term Care Insurance. A NAIFA member since 2007, he is the Government Relations/APIC IFAPAC Chair for NAIFA-San Francisco Peninsula and a NAIFA Financial Security Advocate.
Congratulations, Louis. We're #NAIFAproud of your commitment and dedication to our industry.
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The Intercompany Long-Term Care Insurance Conference (ILTCI 2022) is taking place March 21-23 in Raleigh, NC, with sessions featuring NAIFA thought leaders and a special NAIFA networking event. The ILTCI’s annual educational conference is for representatives of the long-term and extended care insurance community and other strategic allies, including providers, public policy institutions, professional organizations, federal, state, and local government agencies, and the public. Online registration for the event is open.
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Technology might not seem like a likely tool a financial advisor can use to build client relationships. It almost goes without saying that older generations prefer human interaction versus digital services when it comes to their finances. And surveys have found that even tech-savvy millennials are more likely to get help with their finances from real-life advisors than from robo-advisors.
So how can technology help financial advisors strengthen and add value to their relationships with clients—especially older clients—when it lacks the human touch? After all, a computer can’t hold your hand during a market downturn.
But there is new technology that can enable advisors to build their businesses by giving them the ability to better assist aging clients and clients taking care of aging parents at the stage of their financial lives where they need the most help. That new technology is Carefull.
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Courtney Heiden’s dad always took care of the family finances. In fact, he had a background in finance and managed client accounts at the large companies where he worked. So it came as a complete shock when there was a knock on her parents’ door several years ago, and the man at the door said the house was going to be auctioned off the next day.
“My mom actually thought they were kidding or maybe had the wrong house,” Heiden said. “And the man at the door said, ‘No, there's not been a mortgage paid in nine months.’ Their world kind of came crashing down at that moment.”
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It’s easy to lose focus on interest rates when you’re helping your client search for a reverse mortgage loan.
After all, the interest rate won’t affect the monthly payment because they won’t have to make one (though they will need to pay taxes and insurance and maintain the home).
Reverse loans don’t require monthly payments, as the full balance comes due when the last borrower dies or leaves the home.
But reverse mortgage interest rates are still a big deal and should factor into your clients' borrowing decisions. The interest rate will make a huge difference when the balance comes due and your client or their heirs must decide what to do with the home.
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Join us on January 11, 2022, at 1 pm eastern for "Financial Technology that Builds Long-Term Relationships for Long-Term Care", a special webinar presented by Carefull co-founder Todd Rovak and product strategy lead Michael Rubel.
Rovak and Rubel will discuss the challenge of client engagement and how Carefull's technology can help overcome it. The webinar will also feature a Q&A with NAIFA-National President-Elect Bryon Holz speaking on his own experience with long-term care insurance and how it has affected his family.