Life insurance is a very important and flexible part of your financial foundation. Most of us view life insurance as a necessity, but many are under covered or more dangerous, not covered at all. The type of life insurance, as well as the benefit amount (face value), can sometimes cause confusion and anxiety. A candid conversation can help you come to a decision. From the time your life insurance policy is issued you and your family have a financial foundation, an estate.
Click here for a free copy of the Life Insurance Buyer's Guide. This publication of the National Association of Insurance Commissioners will help you better understand life insurance and make a more informed decision.
An increasingly important life insurance coverage is known as Final Expenses insurance. These policies used to be called burial insurance but equally serve families who's final choice is cremation. So be it a funeral service, a memorial service, or a celebration of life; this flexible protection fits well where a person's term policy has expired, or has become to expensive, but the need to shield family resources and dignity is still needed.
The National Association of Insurance Commissioners (NAIC) defines an annuity as follows: "An annuity is a contract in which an insurance company makes a series of income payments at regular intervals in return for a premium or premiums you have paid". I have added the emphasis on the word contract to point out the promise made in an annuity. It is the only generally available financial instrument that can promise you a stream of income you cannot out live. That is why annuities often form the strength and structure of retirement plans. With responsibility shifting more to the individual, in providing their own retirement security, annuities are the perfect retirement plan foundation. Selected wisely and used correctly they are a personal retirement plan that will serve you well in retirement, and potentially your family beyond.
Click here for a free copy of the Buyer's Guide for Deferred Annuities. This publication of the National Association of Insurance Commissioners will help you better understand annuities and make a more informed decision.
Long-Term Care Insurance
Long-term care (LTC) insurance may be one of your most important decisions when putting together your retirement plan. We are talking about your independence, dignity, and ability to make choices. The three most important facts to comprehend are:
1) LTC is really longevity insurance for your retirement savings;
2) Medicare will only take care of your acute medical needs. LTC needs are chronic needs, leaving you "self insured";
3) Family resources of time, energy, and finances can be severely tested. Your siblings are likely as vulnerable as you and your children may already be fully extended.
Click here for a free copy of A Shopper's Guide To Long-Term Care Insurance. This publication of the National Association of Insurance Commissioners will help you better understand long-term care insurance and make a more informed decision.