Why do many people consider guaranteed lifetime income to be their most important asset in retirement? Is it?
- Large numbers of single and widowed women dislike being responsible to manage complex investment portfolios once they are in retirement. They tend to be very conservative, they dislike market risk and they prefer guarantees, such as annuity income. As estate consultants, we are often helpful in helping retired women with issues concerning income, life insurance.
- Do you have an income advisor on your retirement team? In retirement, the planning focus changes from asset accumulation to asset protection, income distribution and income maximization. Some insurance professionals specialize in retirement income solutions and strategies. This is an essential person to have on your retirement team.
Unwanted or un-needed life insurance? Selling your life insurance policy gets you a percentage of the face amount. Example: If get a quote for 7% of a $1,000,000 policy, the seller will pay you $70,000. Should you sell? Maybe!
WHY are more baby boomers interested in permanent or whole life insurance? As their guaranteed term products are expiring, many of them still need and want life insurance. Too many people were told they would not need life insurance at 65 or 70. “What is the best whole life for seniors” is question I am asked nearly every day. Read about “The Term Insurance Failure” here:
Index funds are now more popular than ever, for good reason. Both indexed life insurance and indexed annuities take advantage of hedging strategies to guarantee you will never lose principal. Call or email me to arrange a quick lesson in how indexing can benefit you and how it has changed the annuity and permanent life insurance industries. 561-771-4647
Annuities are not bad – but there are some bad annuities out there. Finding the one that suits you best is a process of elimination that takes into consideration your goals, objectives and risk tolerance. Experience suggests that guaranteed income advice is beneficial at retirement time.
Think about your life insurance proceeds for a minute. Do you want your beneficiaries to receive a lump-sum payout of the death benefit? Or, would you prefer to know that your beneficiaries are receiving guaranteed payments every year. Instead of a lump-sum, you can choose how much they receive each year and for how long! You decide the number of installment payments at the time you set up the policy. By doing this, you can lower the annual premium payments up to 35%! Read more about the Installment Payout Option.
By working with a fiduciary, you get the peace of mind knowing that your advisor and insurance agents are putting your interests ahead of theirs. Ask them to state it in writing and ask for references from existing customers and other professionals. Having others say you’re trustworthy and professional is the ultimate seal.
If your existing life insurance policy does not allow you to take an advance against the face amount for a health emergency, get another policy. Everyone should have a policy with accelerated benefits, at no additional cost. You want chronic, critical and terminal benefits that are included in the basic policy. You may never need the living benefits. But if you do, having them is a lifesaver.
These are really good tips about auto insurance and saving money for all types of vehicles. Our friends at Miami Insurance Brokers take care of clients the right way. Ask for Dan or Andor and mention that we suggested you contact them. They’re pros! They handle everything for our family, including many of our friends and clients.
For some, taking Social Security early can be wise. It typically makes sense for people who don’t need Social Security. It is a counter-intuitive analysis that you may find to be really smart; call me to discuss.