Kerry Morris discusses the role of aging insurance in long-term financial planning.
Listen to the interview on the Business Innovators Radio Network: https://businessinnovatorsradio.com/interview-with-kerry-morris-cfp-founder-of-honorshield-discussing-aging-insurance/
Aging insurance refers to insurance solutions that protect against the financial aspects of the aging process. While not an officially recognized term, it is used to discuss the need for insurance products that address the challenges and risks associated with aging. The episode highlights that many people only think of traditional long-term care insurance when considering aging insurance, but this narrow view may not adequately address the impending risks and their impact on one’s financial portfolio. It emphasizes the importance of considering evolving actuarial tables and changing demographics, as the population is living longer. It also underscores the increasing prevalence of health issues related to aging, such as dementia and Alzheimer’s disease. The aim of aging insurance is to provide protection against the financial implications of these health scenarios. The episode suggests the need to explore insurance solutions that can address the unique challenges of the aging process and provide financial security for individuals and families.
According to Kerry, aging insurance is not just about protecting oneself financially, but also about addressing the various challenges that come with the aging process. It involves more than just money and includes considerations such as relationships, stress levels, and decision-making.
Mike Saunders and Kerry Morris use the analogy of a bucket with holes to illustrate the concept. He explains that as more holes appear in the bucket, money seeps out, which could have been used for retirement. This implies that aging insurance aims to address the potential financial drain caused by the aging process.
Additionally, Kerry Morris mentions the changing demographics and longer life expectancies. He notes that actuarial and demographic tables are changing, indicating that expectations and preparations for aging have shifted over the decades. This suggests that aging insurance needs to adapt to the evolving needs and challenges associated with longer lifespans.
Furthermore, Kerry discusses the health scenarios that come with a longer life expectancy, such as dementia and Alzheimer’s disease. He mentions that every 65 seconds, there is an Alzheimer’s diagnosis, emphasizing the significant impact of these health conditions. This indicates that aging insurance also involves addressing the healthcare and caregiving aspects of the aging process.
Overall, aging insurance encompasses more than just financial protection. The goal is to provide comprehensive support and protection for individuals as they navigate the challenges and uncertainties of the aging process.
Kerry explained: “Let’s come away from the money for a second and just share with the listeners quickly the fact that this is really about the whole family. It’s about relationships, it’s about stress levels, and it’s about decision-making. And I’ve seen the process of decision-making when families are going through the aging process, be dramatically impacted or hurt by having or not having prepared in this area.”
About Kerry Morris
Kerry Morris, Author of When Retirement Goes Bad, Life Sucks and Financial Survival for Families in the Grip of Dementia, Certified Financial Educator®, and CERTIFIED FINANCIAL PLANNER professional.
Kerry Morris has been serving families for the past twenty-six years as a financial planner and advisor. He has recently launched HonorShield, LLC., as a way to challenge the current thinking and behavior of consumers and financial advisors preparing for the potential high cost of aging.
He has spent several of his twenty-six-year career advising hundreds of families experiencing the nightmare of paying for care. The question, always, was “how to make the money last”?
Morris has watched too many families, too many men and women not be fully prepared for retirement. The financial industry has put this cost-of-care issue on total “ignore” mode, often shoving it onto a small but valiant band of “insurance specialists” around the country. Only about 10 in 100 Americans embrace this model. That is a problem for American families and our country.
Morris found a better way, a win-win solution that more Americans could feel good about embracing. It’s a whole new way to approach and solve this problem: the LCAP—the Longevity Care Allocation Plan. Every person, every family deserves to know how an LCAP works. Kerry Morris has made it his life’s goal to ensure that those he helps can hold their head high and know that no matter what curve balls retirement throws at them, they will be prepared.
“One of the most important things I’ve learned in my 26 years in the business is that a great life is supported by three areas, Health, Relationships, and Money. My job is to make sure that a family’s money is working effectively to accomplish that job.”