Have you ever considered whether long-term care or critical insurance is better for your client? This has been a very popular question lately and fortunately, in my opinion, the answer is simple: neither product is "better" than the other. Both products are imperative yet both have their place.

These products do not compete and should not be presented that way. Each product has a specific place and advisors need to understand where that place is. Critical insurance protects the retirement portfolio during the Asset Accumulation stage of life, whereas LTCI protects the retirement portfolio during the Asset Preservation stage of life.

For clarification, the Asset Accumulation stage is made up of people between ages 30 and 60 who are building towards retirement. Tthe Asset Preservation stage is made up of people aged 60 or older who are now in retirement. Our responsibility as advisors is to determine which stage of life this client is in, what each client's unique planning needs are, to educate our clients about those needs and implement strategies to protect their plan.