Your shoppers ought to eat correctly, train, write thanks notes and purchase satisfactory long-term care insurance coverage once they’re younger and wholesome.

Generally, they don’t. What if Jane Doe, a profitable 40-year-old lawyer, walks in and already has extreme kidney illness? Are you able to supply her any choices for planning for long-term care prices?

Kim Beil, a vp at Janney Montgomery Scott, says you may, by contemplating choices primarily based on financial savings preparations or deferred annuities.

What it means: It’s essential to have concepts about the best way to assist the consumer in entrance of you, in addition to the hypothetical consumer who does the whole lot proper.

The best: Beil, who’s head of insured and money options at Janney, holds the licensed monetary planner (CFP) and certification for long-term care (CLTC) designations.

Beil stated in an e-mail interview that advisors ought to encourage shoppers to use for medically underwritten long-term care planning merchandise, reminiscent of stand-alone long-term care insurance coverage, by the point they’re round 55.

“When you wait too lengthy, the premiums may considerably improve,” Beil stated.

Too usually, she stated, shoppers take into consideration long-term care planning once they’re between 60 and 65 and have already got well being circumstances that make getting via underwriting tough.

Jane Doe: What are you able to inform a comparatively younger consumer who already has a severe power situation?

Beil stated one technique to think about is wanting exhausting for stand-alone long-term care insurance coverage.

Somebody with a severe well being downside could have a tough time getting that at an affordable value, she stated.