Starting the Conversation

September 2004
Journal of Financial Planning;Sep2004, Vol. 17 Issue 9, p46
Academic Journal
This article relates how some financial planners in the U.S. initiate conversations about long-term care insurance with their clients. Diana Murray of Tisbury Partners Inc. in New York, whose experience with her parents' illnesses prompted her to leave her job as the chief financial officer at the Metropolitan Museum to begin a new career in elder-care financial planning, sees long-term care planning as a natural extension of estate planning documents. Murray often initiates a discussion on long-term care insurance by sharing two newspaper articles on long-term care insurance. Diane Clark of Clark Insurance & Financial Services in Stuart, Florida, introduces long-term care insurance not as a way to pay the bills, but as a way to keep a family intact should a health catastrophe strike. Accordingly, Clark talks about long-term care insurance not in terms of product features and statistics, but in terms of the relationships that would change should a care-giving situation arise. Staying clear of emotional pitches, Diana Simpson of Fee-Only Planning Professionals LLC in Birmingham, Alabama, presents long-term care insurance first and foremost as a risk management tool as any other insurance product should be viewed.


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