I don't have an axe to grind so I'm not here to defend my post or anything. Yes, the software certainly WILL help illustrate the problem and how a LTC
event can and will decimate a retirement portfolio. This is purely a numbers conversation about preserving retirement assets and/or estate planning (if talking about partnership policies), not about the emotional impact that a LTC
event would have on spouses and/or adult children.
If you're incorporating LTC
planning with retirement planning, then knowing how to integrate the two in the planning discussion is beneficial, but I think the retirement planning aspect comes first, if you're going to use something like this.
Illustrating the solution... I agree that it won't look as pretty or as simple. You can only show the daily benefit expressed in an annual figure based on the pool of LTC
dollars purchased, to help offset the need that you originally show.
As far as illustrating traditional LTC
vs asset-based LTC
... you really can't show that, unless you're showing the premiums paid every year (that it won't impact retirement income by much) through the "special expenses" tab or a $50,000 withdrawal (for example) from non-qualified funds (ideally) to transfer into an asset-based LTC
solution. You could later show the life insurance proceeds from that solution if death were to occur at age 85 or whatever, just to show that the $50,000 wasn't "wasted".
You might not want to give a choice if you're using this software. Just illustrate the one solution you think is the best fit for the client and make sure that the numbers fit the overall situation, and present one - versus two choices.
Just my thoughts.