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 You need an advisor who listens and cares…not just sells products.

You need an advisor who listens and cares…not just sells products.

I wanted to share a story about one of my clients with you so that we can all learn from her experience.

Recently, another client referred one of her friends to me, a woman who was working on getting everything together for her 80-year-old mother, who is a retired teacher.

I met with them both and we had a great chat, in which I learned about their situation and her financial needs and goals. However, when I asked if her mother had a long-term care plan in place, she mentioned that her long-term care policy had lapsed the previous December.

The concerned daughter only found out last month when she checked her mother’s mail. Her 80-year-old mother had been without a long-term care policy for almost six months!

The daughter immediately he said she contacted the insurance company to see if they could get the policy back in force, but the insurers told them that it was too late and there was nothing they could do – she would have to reapply.

That presented a serious problem because her mother bought the policy more than twenty years ago, before she retired. So, every single dollar of all of those premiums she paid over 20 years were lost!

Instead of about tens of thousands of dollars (or more) in accrued value from all of those premiums, she had nothing!

You see, the hard part was that if my client’s mother had to reapply for her long-term care insurance, she’d surely be declined since her health had deteriorated over those two decades, and she was now 80. Even if she was approved, her premium payments would have been astronomical, and something unaffordable on her fixed income.

It was devastating news.

That is, until they found their way into my office and told me what was going on.
There was no way I was going to let the insurance company bully her (for something that was probably their administrative error to begin with), nor would I let my client and her daughter go on uncovered and uninsured. I told them that I’d take good care of them and fix this, and I had a solution in mind.

Our first step was to file a complaint with the California Department of Insurance, so we filled out the complaint application right then and there, together, and submitted it.

After two weeks of a nail-biting wait, my client received a letter from her former insurance company in the mail. It turns out, they saw the error in their ways (thanks to our complaint!) and offered to reinstate her original long-term care insurance policy!

The insurance company didn’t even ask for a new exam or medical records – they just put the policy back in force, and all she needed to do was continue making her affordable payments.

Not only did that help save her mother and the family tens of thousands of dollars, but it allowed them to recover the funds they’d accrued towards future needed costs for her long-term care.

Of course, they were ecstatic, but this is just one example from one client. Unfortunately, with growth of robo-advisors, impersonal large companies, and DIY online resources, most people are mismanaging their long-term care – and their finances – than ever.

There really is no replacement for a dedicated, independent financial advisor who’s looking out for you and develop a long-term relationship. As the President of Matthews Financial & Insurance Solutions, I always focus on offering solutions, knowledge, and resources that robots cannot offer.

Many times, the solution we need is not a product to be sold but the right person with the right information who takes the time to listen and care.

And I’m always here for you to do just that!

Thanks again for your patronage and trust.

Jason Matthews
C.E.O. Matthews Financial & Insurance Solutions