Gary Scofield discusses the complexities of long-term care insurance.
Listen to the interview on the Business Innovators Radio Network: https://businessinnovatorsradio.com/interview-with-gary-scofield-founder-of-mansfield-financial-strategies-discussing-long-term-care-insurance/
In the episode, Mike Saunders and Gary Scofield explore alternative ways to pay for long-term care. One option discussed is the use of hybrid life insurance policies or annuities. With a hybrid life insurance policy, individuals can access cash for long-term care costs by accelerating the death benefit while they are still alive. This means that even if a portion of the death benefit is used for long-term care, the remaining amount will still be available to beneficiaries upon the individual’s demise. Similarly, taking money from an annuity can also provide funds for long-term care without the risk of losing the money.
Unlike traditional long-term care insurance policies, where premiums are not refunded if the coverage is not used, using a hybrid life insurance policy or annuity allows the money to remain within the financial instrument and continue working for the individual in other ways if long-term care is not needed. However, it is important to note that these options may not be suitable for everyone, and it is recommended to consult with a certified long-term care advisor to determine the best approach based on individual circumstances.
The episode also delves into the factors that can influence the need for long-term care. Marital status is mentioned as one of these factors, with single individuals being more likely than married individuals to require care from a paid provider. This suggests that married individuals may have a support system in place through their spouse, while single individuals may need to rely on paid providers for their care due to the absence of such support.
Furthermore, the episode highlights the impact of lifestyle factors, such as poor diet and exercise habits, on a person’s risk of needing long-term care. This suggests that maintaining a healthy lifestyle can potentially reduce the need for long-term care.
Gary explained: “We take a personalized approach to help individuals by understanding their unique circumstances, goals, and concerns. As independent advisors, we have access to diverse products and solutions to create comprehensive plans that provide secure and predictable lifetime income. Our mission is to guide people towards a worry-free retirement, building lasting relationships along the way.”
Video Link: https://www.youtube.com/embed/gkdy3W52Sag
About Gary Scofield
Gary is an accomplished financial advisor who has spent over four decades dedicated to guiding clients toward financial prosperity in retirement. With impressive credentials, including a lifetime membership in MDRT (Million Dollar Round Table), Gary’s expertise shines. His certifications as a Certified Senior Advisor (CSA®) and Certified Long-Term Care (CLTC®) specialist demonstrate his proficiency in navigating the complexities of senior financial planning and long-term care. Pursuing additional designations in ChFC and CLU, Gary remains at the forefront of industry knowledge.
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