In this episode, John discusses life insurance over 50. While traditional financial planners usually say you no longer need it, John argues that it can enhance your income in retirementâ€”if itâ€™s permanent.
John is the author of 5 Ways Your Wealth is Under Attack. He has lectured extensively on financial planning and has received the Five StarSM Wealth Manager Award for 2011, 2012, 2013, 2014, 2015 and 2016.
Johnâ€™s strength lies in his ability and commitment to continually improve the level and quality of the financial planning process. His dedication to his clientsâ€™ growth involves an evolving strategy that strives to meet the demands, desires, and needs of his clients in a continually changing economic environment.
Donâ€™t miss Johnâ€™s key points:
- Life insurance helps protect you against major financial losses after the death of your spouse:
- Loss of their Social Security
- Change in pension or loss of pension (if it was life-only)
- Loss of their employerâ€™s free or subsidized healthcare
- Secondly, the options are term life insurance, universal life insurance, and whole life insurance. Whichever you choose, you need to make sure you eventually have a permanent policy.
- Also, you can use the death benefit of your permanent life insurance to enhance your retirement income: take pension maximizations, do a charitable remainder trust, do immediate annuities or annuitization of products.
- Lastly, itâ€™s important to take the right steps now that will allow you to make good decisions:
- Get insurance coaching
- Find out current rates and how they are assessed.
- Get a physical and find out what category youâ€™re in: super preferred, preferred, standard, or substandard.
Life insurance is an important part of any good retirement plan. It will help maximize your retirement income and pass the maximum to your family.
Finally, schedule a time to come talk to us. In our Wealth Curve Conversation, weâ€™ll discuss how life insurance can be incorporated into your retirement plan. Visit us at smallwoodassociates.com and click the â€œletâ€™s get startedâ€ button, connect with us on social media, or call us at (800) 797-1000.
Looking forward to speaking with you.