Who Offers Long-Term Care Insurance?
Here’s a Quick Analogy
You wouldn’t go to a lawyer for medical advice and you wouldn’t go to a doctor for legal advice, why would you go to a financial advisor for long term care advice? Financial planners provide many several services, such as investment management, retirement planning, and estate planning and sometimes they offer other services or sell other products, including Long-Term Care Insurance to protect your assets from the expense of nursing homes, assisted living facilities and in-home care
Your local Insurance Agent
Your local insurance agent can sell many different types of insurance, Long-Term Care Insurance being one of them. Most often, local insurance agents and independent insurance agencies will represent just one company for an umbrella of products. Some offer long term care insurance. As Schwab-Menn & Associates, LLC does as an independent insurance agency that has a specialty in Long-Term Care Insurance acts as a neutral resource in working with all major insurance companies. Agencies have an increased array of knowledge and experience in long-term care planning and the underwriting process of insurance policies.
Long-Term Care Specialist
A Long-Term Care Specialist often works with many different companies and products in the long term care insurance arena and has substantial years of experience in Long-Term Care Insurance, underwriting, policy design, and claims experience.
Rich Schwab meets these qualifications and has been in this particular industry since 1992 and therefore is one of the few Long-Term Care Insurance specialists in the country licensed in many States helping consumers in their long term care planning.
Work with Specific Specialists for each Area
People occasionally work with their financial planner / advisor when initiating discussions about long-term care planning so they can protect their assets from the high costs of potential long-term care. More often than not, these advisors give out incorrect “advise” on long term care. This can adversely impact the cost and/or effectiveness of their long-term care insurance policy when the time comes to use the benefits.
This often holds true for advice /guidance from general insurance agents and local agencies such as property and casualty agents or ones that handle life insurance.
Financial advisors and general insurance agents and agencies often have minimal experience with long-term care planning from the application process to having never helped with a policyholders’ claim at the point of time their client needs care. Many of these same advisors aren’t aware or lack a an understanding of the partnership program available in 45 states (see Partnership guidelines as part of this website).
Generally, a financial advisor or general insurance agent or agency is not your best option when it comes to planning for the financial costs and burdens of aging.
It’s good practice to leverage a team of specialists to plan for your future (or current) retirement. A financial advisor can help you with your investments, a general insurance agent can help one protect their vehicle and home and a Long-Term Care specialist can safeguard those assets from the impact of the risk of needing long-term care.
Separating this advice helps you plan for a successful retirement. Long-Term Care Insurance is very complicated for agents and advisors because each insurer has its unique underwriting standards, featured benefits, and price points.
Rich’s general philosophy is to provide you with the most affordable coverage. You have the choice of quality care in the setting you desire while protecting the lifestyle of a spouse/partner and family without draining assets. There are very few agents in the country that have the experience and knowledge that Rich has. His team will make every effort to find you the best coverage, if appropriate for you, at the best value matching your age, health and finances.