Life Insurance Over 50: What You Need To Know For Retirement
In this episode, John discusses life insurance over 50. Traditional financial planners will usually say that you no longer need it. John argues that it can enhance your income in retirement—if it’s permanent.
John’s strength is his ability and commitment to improve the level and quality of the financial planning process.
Don’t miss John’s key points:
- Firstly, 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 employer’s free or subsidized healthcare
- Also, your 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.
- You can use the death benefit of your permanent life insurance to enhance your retirement income. You can take pension maximizations, do a charitable remainder trust, do immediate annuities or annuitization of products.
- Lastly, it’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 you’re in: super preferred, preferred, standard, or substandard.
Furthermore, life insurance is an important part of any good retirement plan. Also, 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, we’ll discuss how life insurance can be incorporated into your retirement plan.
If you are new to Smallwood Wealth schedule a Wealth Curve Conversation here.
You can also connect with us on social media, or call us at (800) 797-1000.
Guaranteed rates quoted on annuity products are subject to the financial stability and claims paying ability of the issuing insurance company. The rates shown are obtained from the website mrannuity.com and are effective as of date stated. While we believe this information to be valid we cannot guarantee its accuracy or timeliness. Many annuities include various surrender charges for early withdrawals. Be sure to obtain full product information from our financial professionals before considering any product. Please be sure to ask any questions to your financial professional.