A conversation worth having.

A conversation worth having.

There is a common misconception surrounding long term care (LTCI) insurance, that only those who are elderly or are currently living with a chronic or debilitating condition need it. But the truth is, the most beneficial time to begin investing in LTCI is while you are still relatively young and healthy. This may allow you to save money in the long-run and be well insured for the future.

Despite the pros of considering LTCI early, it’s understandable why some people may be more inclined to wait. Perhaps they simply don’t feel as though they’ll need the policy for several more decades, or the act of looking into LTCI is an admission that age may be catching up with them. It may not be a comfortable conversation at first, but discussing LTCI with your aging parents and even grandparents can be an incredible act of love.

Conversations surrounding LTCI may be touchy topics for some families, but they are vital. It’s imperative that family members are aware of the plans and desires of older family members, so that they can be honored and respected. Reframe the conversation so that it is not one of awkwardness, but one of care and concern.

Inquire whether your relative has considered long-term care. If they haven’t, ask them why. It’s possible they could be intimidated by the idea of purchasing insurance, or perhaps they aren’t comfortable with the idea of aging. This would be the perfect opportunity to explain why exploring the options is so beneficial – financially and holistically – to purchase insurance earlier rather than later, even and especially when they are  perfectly healthy.

If your family members have considered LTCI or have even purchased a policy, now is a great time to learn more from them about the benefits included in the policy. A professional can help you explore whether there are any additional steps that need to be taken in order to take full advantage of all their policies and other investments have to offer, as well as how their other assets will be considered in the event of illness.

Finances may not be a typical topic of conversation in your family. But because our finances are resources God has blessed us with to steward, it’s important to discuss how to best utilize those resources wisely and to bring God glory. Opening lines of communication about LTCI can reinforce your love and care to your family members and it may even help open doors for similar conversations in the future.

The team at Ambassador Advisors is here to help you make the best decisions for your estate and your future. Let us be your trusted partner for long-term care planning and other key considerations for your family’s financial wellbeing.

Any opinions expressed in this forum are not the opinion or view of American Portfolios Financial Services, Inc. (APFS) or American Portfolios Advisors, Inc.(APA) and have not been reviewed by the firm for completeness or accuracy. These opinions are subject to change at any time without notice. Any comments or postings are provided for informational purposes only and do not constitute an offer or a recommendation to buy or sell securities or other financial instruments. Readers should conduct their own review and exercise judgment prior to investing. Investments are not guaranteed, involve risk and may result in a loss of principal. Past performance does not guarantee future results. Investments are not suitable for all types of investors. To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purposes of avoiding penalties that may be imposed by law. Each tax payer should seek tax, legal or accounting advice from a tax professional based on his/her individual circumstances.
This material is for informational purposes only. Neither APFS nor its Representatives provide tax, legal or accounting advice. Please consult your own tax, legal or accounting professional before making any decisions. Information has been obtained from sources believed to be reliable and are subject to change without notification. The information presented is provided for informational purposes only and not to be construed as a recommendation or solicitation. Investors must make their own determination as to the appropriateness of an investment or strategy based on their specific investment objectives, financial status and risk tolerance. Past performance is not an indication of future results. Investments involve risk and the possible loss of principal.

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