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This article evaluates the importance of Long-term care insurance (TLCI) as a financial planning tool. It also suggests that financial professionals should include LTCI in their discussion when advising clients and that LTCI should be viewed as an indispensable part in preserving the total portfolio value.
Financial planners have a professional fiduciary responsibility to recommend that their clients seriously consider LTC insurance. The probability that clients will require long term care at some time in their lives is very high and the costs of that care can be overwhelming.
For related reading, go to Testimony before the Senate Special Committee on Aging. Betram Scott, a TIAA-CREF executive, testified at a hearing on offering retirement security to the federal family - a new long-term care insurance initiative.
Additional related reading can be found in Long-term Care Knowledge and Awareness Survey Report Findings, a 1998 survey that examined TIAA-CREF participants' familiarity with and attitudes toward long-term care assistance.
