When we interview new clients, we ask them what investments they have that they are happiest with and we ask them “What is your biggest financial regret?”
Those two questions help us better understand the person and how they view investing.
One gentleman had a touching story when asked about his biggest financial regret. About 10 years ago his wife was diagnosed with breast cancer. She went through all the advised treatments, but she got worse. Eventually she needed around the clock care, which was very expensive and they ended up having to sell their house. In the end, the cancer got her. In hindsight, the gentleman wishes they had purchased long-term care insurance. It would have paid the expenses and he would have saved his house.
His story is not uncommon. Medical expenses like long-term care are not covered in most cases and for most people. Long-term care insurance is a very good thing to have. However, for people who don’t qualify or who don’t want to pay endless premiums, there are some good alternatives that are new. Many life policies now have riders available that make the death benefit available for the long-term care expenses. In some cases, it is even possible to convert existing polices to the new type of policies. Just ask us about the new ways to plan for the cost of long-term care.
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We have been in the same location in Baton Rouge for over 20 years.