SESSION OVERVIEW:

Most clients want to plan for a financial horizon that includes good health for themselves and their loved ones. Life altering health events can occur at any time, disrupting the most disciplined financial plans with financial uncertainty. Never has that been as evident as in 2020 when the global pandemic brought both personal health disasters and financial emergencies. For survivors, a severe illness could last several weeks, with a the related interruption in earnings. However, caregivers, too, face economic repercussions. In this module, advisors will be asked to think about the new conversations to start with clients affected by the financial impacts of the pandemic from the point of view of disability planning. Where should the money come from to fund the cost of disability and caregiving? We'll look at registered plans, non-registered investments, insurance, and government sources of income and benefits through the lens of COVID-19. We'll consider the different needs of investors who support someone with a disability as well as those of older investors who are showing signs of physical and cognitive health issues. Finally, we'll touch on disabled client's higher vulnerability to financial exploitation and fraud.

APPROACH:

You can provide your clients with important peace of mind in these difficult times and demonstrate your value as a trusted advisor by helping them plan for their own or their disabled loved ones' long-term financial security, given the devastating impact of the pandemic.

WHAT YOU WILL LEARN:

• How to discuss the financial impact of a life-altering health event such as the pandemic
• What resources can be tapped most tax efficiently in registered and non-registered investments when there are increased disability costs?
• Sources of financial security for people with a disability: including how to tap into government resources available for coronavirus patients and their caregivers

LEARNING ACTIVITIES: To test the learning process, the student will answer multiple-choice questions and contemplate the role of the advisor.