Long-term Care Planning and Insurance with Marc Glickman

Mar 21, 2023

Ask episode

Chapters

Transcript

Episode notes

Marc Glickman is an actuary and long-term care insurance expert. He is the founder and CEO of BuddyIns, a nationwide community of long-term care insurance experts who are dedicated to helping individuals and families find the best plan to meet their care needs. Marc previously served as the Chief Sales Officer of LifeCare Assurance Company, a firm he worked with for over 11 years before founding BuddyIns in 2019. In addition to his work at BuddyIns, Marc serves as a member of the Board of Advisors for CLTC. He holds an Economics degree from Yale University and is a designated Fellow of the Society of Actuaries.

Marc joins me today to discuss and clarify the misconceptions about long-term care planning and insurance. He describes why long-term care services have greater inflation than other products and how financial advisors can approach a conversation with a client about policies. He discusses why financial advisors should work with long-term care specialists. He also explains how offering long-term care planning to clients can open up generational wealth planning opportunities for financial advisors and highlights why long-term care planning is one of the best business relationship-building tools for a financial advisor.

“Think of a long-term care policy as a gift to your family. I bought my policy as a gift to my wife, who was happy to know that if something happens to me, she will not feel burdened with providing care for me.” - Marc Glickman

This week on The Model FA Podcast:

Marc’s background and how he began his career in long-term care planning and insurance
Long-term care planning and insurance and its role in a general financial plan
How unpaid long-term caregiving impacts families
The best time to talk to a client about long-term care insurance policies
How to talk to a client who’s not open to long-term care
Funding mechanisms for long-term care services and policies
Planning for insurance premiums with clients living on a fixed income
The likelihood of an individual using their long-term care policy
How a client can benefit from a long-term care plan if they don’t get to use it
How offering long-term care products can help financial advisors grow their businesses

Resources Mentioned:

Book: The Snowball: Warren Buffett and the Business of Life by Alice Schroeder

Our Favorite Quotes:

“When you’re properly insured, you get an insulation and a sense of fearlessness that no matter what happens, everyone around you is taken care of. It’s a rewarding feeling.” - David DeCelle
“Not implementing long-term care planning throughout your client relationships makes you grossly under-insured in your own book of business. Have these conversations; otherwise, it's a business risk for you in the long run.” - David DeCelle
“One out of two people will have an extended care event that will last up to 90 days. It’s definitely something worth planning for.” - Marc Glickman

Connect with Marc Glickman:

About the Model FA Podcast

The Model FA podcast is a show for fiduciary financial advisors. In each episode, our host David DeCelle sits down with industry experts, strategic thinkers, and advisors to explore what it takes to build a successful practice — and have an abundant life in the process. We believe in continuous learning, tactical advice, and strategies that work — no “gotchas” or BS. Join us to hear stories from successful financial advisors, get actionable ideas from experts, and re-discover your drive to build the practice of your dreams.

Did you like this conversation? Then leave us a rating and a review in whatever podcast player you use. We would love your feedback, and your ratings help us reach more advisors with ideas for growing their practices, attracting great clients, and achieving a better quality of life. While you are there, feel free to share your ideas about future podcast guests or topics you’d love to see covered.

Our Team:

President of Model FA, David DeCelle

If you like this podcast, you will love our community! Join the Model FA Community on Facebook to connect with like-minded advisors and share the day-to-day challenges and wins of running a growing financial services firm.