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.