Even if you’re able to add up what you spend today, trying to determine what you will need when you retire is difficult because your spending is sure to change. While perhaps you won’t have a mortgage payment anymore, you may be asked to contribute to your grandchildren’s education, or perhaps you will want to add in a travel budget. So then, how do you determine when you have enough? Many suggest that a good rule of thumb is to save around 25 times the amount you’ll spend in a year. That sounds like a hurdle you can’t meet, but
“According to the 2022 Insurance Barometer Study, conducted by LIMRA and Life Happens, 106 million adults lack life insurance, or adequate coverage. The need gap, what people have versus what they said they need, is at an all-time high and more than double what it was 12 years ago. The percent of households that say they would be financially secure if the primary wage earner suddenly passed away is 68 percent among life insurance owners, versus 47 percent among those who do not own life insurance.” Call us if you are part of a need gap. We’re here to help.
As we’ve seen from the news over this past week, many were caught up in the hurricane, and many did not have insurance that suited their needs. This is the case for many people because a natural tendency when purchasing something that pays money for a future event is to weigh the cost against the perceived risk of the event occurring. It may be time to assess if your life policy suits your needs. Whether you are using the policy to save funds for your beneficiaries, or as a product against which you can access funds should the need arise,
We all remember our school days of worrying about the grades we would receive. What does it mean when an insurance company gets graded? Insurance companies are rated with a letter grade to indicate their ability to meet their continuing obligations. An A+ rating means that they are considered superior. You will usually also see that they are a leading provider of retirement solutions: Fixed and variable annuities Life insurance for individuals Those are the carriers you can count on, just like you can count on us. Contact us, we’re always here to help.