Understanding Disability and Long Term Care Insurance with Max Schmitz

Kyle invites insurance expert Max Schmitz to break down disability insurance and long term care (LTC) insurance, two insurance products which are not well understood and, in the case of LTC, carry negative connotations from a couple decades ago. Kyle and Max discuss what constitues a disability for insurance purposes, and why disability insurance can be an important part of a financial plan for working professionals heavily reliant on their income for both their current needs and saving for the future. About 1 in 4 people will suffer from a disability that affects their ability to work during their lifetime, yet disability insurance is not on most people's radars, like life insurance for instance. Long term care insurance is more well known, especially as costs for retirement homes and elderly medical care have skyrocketed, but it carries negative connotations from those who purchased policies in previous decades only to see their premiums increase to unsustainable levels. Max explains how LTC insurance is a relatively new insurance product, and why insurance companies severely underpriced it in the 80s based on the unique high-interest rate environment of the time. Nowadays, however, many of the kinks have been worked out and pricing is much more stable, so LTC insurance is easier to understand and incorporate into a financial plan. It's perhaps more important than ever, with the costs of elder care rising steadily. Max Schmitz is the president of a family-owned insurance brokerage called Yetworth Insurance Specialists. If you're interested in insurance products, you can contact them here: https://www.yetworth.com Connect with Kyle Email: kyle@murphyfingroup.com Web: https://www.murphyfingroup.com LinkedIn: https://www.linkedin.com/in/kyle-martin-cfp®-aams®-05033352 Securities and advisory services offered through Commonwealth Financial Network, Member www.FINRA.org/www.SIPC.com, a Registered Investment Adviser. Fixed insurance products and services are separate from and not offered through Commonwealth. The financial advisor(s) associated with this material may only discuss or transact business with residents of states in which they are properly registered. Please check FINRA's BrokerCheck for a list of current registrations. No offers may be made or accepted from any resident outside these states due to various state requirements and registration requirements regarding investment products and services. The information discussed on this program is for educational and informational purposes only and should not be construed as investment advice, a solicitation, or a recommendation to buy or sell any security or investment product. All investments involve risk, including the loss or principal. No strategy can assure a profit, protect against loss in declining markets, or guarantee that any objective or goal will be achieved. Please contact your financial professional for more information specific to your situation. Murphy Financial Group 310 S Hale Street Wheaton, IL 60187 (630) 523-0410 Review our Terms of Use: www.commonwealth.com/termsofuse.html Past performance is no guarantee of future results. Murphy Financial Group does not provide legal or tax advice.