Most of us think of life insurance as a way to help the people who depend on us financially, or even just to help pay the debts we may have left for our end-of-life care, funeral, or burial costs. What few of us tend to consider is the simple fact that it’s generally best to buy life insurance as early as possible, and why you may want to lock in your policy before you retire. One of the main reasons is that purchasing sooner rather than later helps to avoid post-retirement insurability and affordability pitfalls. There are life insurance products
According to a recent survey from Forbes (Which you can read about here) a relatively small number of Americans actually view life insurance for all that it can provide. Most have a limited view of what it can be used for, believing it’s only a means of protecting their families from unpaid debt. Reach out to us, we can explain some aspects of certain types of life insurance you may not be aware of.
This week’s article may help you to think about why you are purchasing life insurance. There are several different reasons why you would purchase life insurance: Once you understand why you’re purchasing life insurance, that helps you determine how much life insurance you need. Contact us if you need assistance in navigating this and ascertaining how much life insurance you need for your specific situation. We’re always here to help. Click here to read the full article: “How Much Life Insurance Do I Need?”
Two of the most frequently asked questions when considering life insurance: What financial benefits will be available to survivors after your death What will their needs be? These are the most common types of benefits: Social security and other retirement-related survivor benefits; life insurance; and other assets and resources. Having these funds isn’t enough though. Knowing when they will be available is just as important. For example, social security survivor benefits are payable immediately to a surviving spouse with dependent children, but only after age 60 if there are no children. The availability of the life insurance benefit is important
A recent study found that “33 percent of people don’t think they would qualify for life insurance.” We hope you aren’t shying away from discussing the topic of life insurance because you think the same way! Purchasing this type of insurance is a big deal, but most likely necessary to make sure your family has the funds to cover their immediate and long term needs if something happens to you. We can help you determine if you’re eligible for life insurance, and educate you on the different types that exist. Reach out to us! Learn more by reading this article
As a recent article indicates, Government data shows “nearly 70% of individuals who reach age 65 will need long-term care at some point.” Further, “while the median cost of an assisted living facility was $4,300 a month as of 2020, what most Seniors don’t realize is that Medicare doesn’t pay for most long-term care costs.” “It only covers 100 days of care at a skilled nursing facility, and only if it was preceded by a hospital stay of three days or more.” This was stunning to read. Even in cases where individuals have surgery, it’s rare that a hospital will
Sometimes when we think of our later years in retirement, we forget to reflect on what savings we will need beyond the monthly costs of healthcare, rent, food, etc. at an independent living facility. We need to remember to consider the larger sum of money needed to “buy in” to long-term care. This week’s article addresses how long you may need long-term care and how much it could cost: “…half of people over 65 will incur long-term care costs, and 15% will incur more than $250,000 in costs, according to a study by Vanguard Research and Mercer Health and Benefits.”
Lately, we have been asked about taxes and life insurance. Specifically whether or not beneficiaries of a life insurance policy have to pay income taxes on that money, or whether the estate has to pay taxes on it. The simple answer is, usually, no. However, there can be nuances involved. For example, taxes can depend on how the life policy is owned, or how the beneficiary is identified. Because of this, we thought we would share this informative article. Take a look, and then call us if you have any questions. We’re always here to help. P.S. Give the office
This week’s article reminds us that “Senior insurance needs are different. Time to drop the disability coverage and review your other plans.” The most obvious insurance retirees need to maintain is health insurance. While most seniors age 65 and older are eligible for Medicare, Medicare doesn’t cover 100% of medical costs.” Knowing this, it is important to have an income stream that you don’t outlive in order to help cover those unexpected expenses, and also provide you with funds to enjoy your retirement with. Call us, we may know of options you haven’t yet considered. We’re always here to help.
Insurance takes many forms, from covering our homes to our lives, and one form of insurance that we have received many questions on over the past few months relates to Life Insurance. This week’s article tells us that when a study was conducted in 2018 “Half of all consumers say they are more likely to purchase life insurance if priced without a physical examination.” There are pros and cons to different types of Life Insurance coverage. Call us if you have any questions about what you own, or would like to discuss what you believe your needs are. We are