How to counsel individuals with serious illness

Your Mindset as a Financial Advisor When Working with Serious Illness Individuals

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Preparation Checklist

Meeting Agenda

Resources/Handouts

Serious illness can take a variety of forms, such as a stroke, arthritis, Alzheimer's disease, cancer, and other maladies. These problems can happen to anyone, anywhere, and at any time. When they do, life suddenly changes—emotionally and financially.

After the onset of a serious illness, the most important thing for clients to do is take care of their health. They need to listen to their bodies, follow their doctors' advice, and give themselves time to heal. Restoring their health is the number one physical goal.

But taking care of their money is also important. When their financial lives are in order, clients will feel more secure. That sense of security will help clients to make plans, which in turn will give them more peace of mind. So while individuals with serious illness cannot predict the future, they can take steps today to help control their financial lives.

Just as these individuals need to stay in charge of their health, they also need to stay in charge of their money. Avoid making all their decisions for them, which may create feelings of over-dependence upon you as an advisor. As a long-term strategy, encourage seriously ill individuals to include another trusted family member in making choices about money, to share the burden of decision making.

A host of agencies are available to help meet basic needs in the event of a serious illness. Your assistance in these situations, as a pro bono advisor, will be of most benefit when you can help individuals with a serious illness to:

Access cash for short-term needs (from an emergency fund, cash advances on credit cards, a loan against the cash value in a whole life policy, etc.).
Identify medical and financial benefits they may be eligible for.
Share practical ideas about how to control their money and organize their financial lives.

To assist you in this process, NEFE has developed several resources for your use. These resources include a Meeting Preparation Checklist, a Meeting Agenda, and multiple forms, checklists and worksheets focusing on specific areas of need individuals with a serious illness. The best place to begin planning your approach is with the Meeting Preparation Checklist.