Reasons Financial Advisors Encourage Clients to Purchase Long-Term Care Insurance

By Steve Elliott | May 21, 2018 | Comments Off on Reasons Financial Advisors Encourage Clients to Purchase Long-Term Care Insurance

In recent years, financial planners and advisors have been encouraging their clients to purchase long-term care insurance as part of their portfolio. For many decades, these same types of financial advisors were encouraging their clients to purchase life insurance, mostly to protect their family and loved ones after they were gone.

Long-Term Care Insurance Cost San Marcos CA - Reasons Financial Advisors Encourage Clients to Purchase Long-Term Care Insurance

Long-Term Care Insurance Cost San Marcos CA – Reasons Financial Advisors Encourage Clients to Purchase Long-Term Care Insurance

Now, it’s about continuing to protect assets and investments.

As the baby boomer generation retires, there are more seniors who will require some type of support and assistance in the future. If they need any type of long-term care, their own personal health insurance will not likely cover this. Also, Medicare and Medicaid will not pay for any type of long-term care until all personal assets, including savings, a house, and other assets are used up first.

That means a person could be on the hook for long-term care expenses, which can add up quickly. Here are a few good reasons why financial advisors are now encouraging their clients to purchase long-term care insurance.

First, we already briefly touched on health insurance and government assistance, and when you calculate in the cost of long-term care, this is one very good reason why long-term care insurance is so important.

Second, everything you saved up for could be lost within a couple of years.

You spend 40, 50, or even more years building up your savings, retirement portfolios, CDs, bonds, stocks, and so on, and you may be set for a comfortable retirement, but if you require just three years of long-term care in a nursing home, for example, with the average annual cost being $85,000, that could completely wipe out everything you worked so hard for over those long decades.

Third, it is simply part of sound financial planning.

You may have various types of insurance to help protect you and your family. You have homeowner’s insurance that protects you in the event somebody comes onto your property and is injured. You have automobile insurance, not just because it’s required by law, but you want to protect your property, health, and liability.

Life insurance also helps to ensure your family’s protected, especially while you were working, in case something happened to you and your income was no longer an option.

Quality financial advisors encourage their clients to at least seriously consider long-term care insurance because it is simply now part of sound financial planning for the future. You may not think you’ll ever need long-term care, but as with so many things in life, the unexpected can be devastating and this is just one more tool that helps people protect against the unexpected.

If you or a loved-one are considering Long-Term Care Insurance Cost in San Marcos CA, please contact Steve Elliott at Capstone Insurance for an honest discussion about your future and your options. Call today (858) 350-3161.

Steve Elliott
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