On this show Jason and Alex welcome special guest Scott Heinila, Regional Direction at Producer’s Choice Network. Scott joins the show as an insurance expert, particularly in the field of long term care. They discuss the importance of having a comprehensive conversation in the form of a financial plan in order to be prepared to recommend proper insurance solutions. Jason points out that many insurance professionals in his past experience have tended to do a poor job at this. Instead of assessing the entire client situation, they push insurance products as the total solution, possibly because that is the only licensed specialty that they possess. Scott shares why his firm has developed a niche in long term care mainly as the result of the boomer market demanding it. He shares that the headwind of filling this demand is actually coming from the financial advisers of the boomers. He shares a statistic of a recent study done by Lincoln Financial, a leader in the space. 62% of boomers today are having conversations about long term care with their friends and family, but only 5% of clients are having the conversation with their financial advisers.

Scott explains the importance of proper education for both the adviser and the client regarding this conversation. There are many myths surrounding long term care, including the one that misinforms us that long term care is only useful if you are in an assisted living facility. In fact, most claims are for services rendered to people that are still living at home and require skilled nursing, which is covered by their policy. Another one is the lack of education around the traditional “use it or lose it” policies compared to the new “asset based” policies that are becoming more and more popular due to their flexible benefit nature and the fact that the repositioning of assets can leverage their estate far beyond what used to be possible. Anyone who has had the conversation about long term care, or is even thinking about it should tune in to this show.

In this show you will learn about:

  • Expert advice on how to talk about long term care
  • The reasons why there is lack of information on the topic
  • The difference between “use it or lose it” and “asset based” long term care
  • Why long-term care is becoming more and more important to understand and prepare for it