Planning for the Long Term

Planning for the Long Term Questions for Client Conversations

Planning for the long term with clients often starts in the Rapid Accumulation phase of the Financial Lifecycle. This is when clients are beginning to think about their own retirement. At the same time, they may be helping to plan for their aging parents’ needs.  The Planning for the Long Term assembles a series of questions to help advisors explore with their clients how they can plan for their future needs as they pass through different stages of the Financial Lifecycle. The questions address a range of issues beyond finances that clients will want to think about as they plan for retirement and beyond – career, family and social networks, housing, transportation, healthcare, and technology.  These questions may be used during a goals-setting session, a retirement planning meeting, an insurance review, or any other time as appropriate.

Long Term Care Questionnaire

The Long Term Care Questionnaire is designed to serve as a conversation starter to help clients think about planning for the potential need for long term care.  It is a tool that can be used to assess whether clients can/should consider long term care insurance or whether they can/should consider self-insuring (self-funding) potential long term care expenses.  It can also be used with clients to review existing long term care insurance policies, particularly when there are premium increases. 

The questionnaire is provided in two forms. One is a fillable PDF that you can complete with the client.  As you enter the score for each item, the form automatically keeps a running total and provides a final score. There is also a printable PDF that you can use and record the client’s responses by hand.  In addition to the questionnaire, there is a PowerPoint presentation that guides you through each item on the questionnaire and the rationale behind the scoring.
 

Long Term Care Calculator

As long term care insurance premiums increase, it is no longer feasible for most people to fully fund their long term care expenses through insurance.  The Long Term Care Calculator is designed to help advisors determine how much of a financial gap there is between potential needs and projected assets and income available to fund the cost of long term care.  This tool can be used to provide guidance on how much coverage is needed to purchase in a long term care policy.  It is also relevant to use with clients to review existing long term care insurance policies, particularly when providers increase premiums on existing policies.

The Long Term Care Calculator has been integrated into our core tools. Access the latest version of the ACP Toolkit today!


_____________________________________________________________________________________________________


Planning for the Long Term ACP Member Webinar



 

Case Study 1: Sarah Smith 

Case Study 2: William and Sally Burroughs  

_____________________________________________________________________________________________________