Newsletter

FIVE PROBLEMS THAT ANNUITIES ADDRESS PERFECTLY

Insurance Pro Blog Podcast

Five Problems that Annuities Address Perfectly

In this episode of the InsurancePro Podcast of August 18 you'll discover how annuities can solve some of the most pressing concerns of retirees and those planning for retirement. You'll learn about five key issues that annuities are uniquely positioned to address:

1. Longevity: You'll understand how annuities can provide guaranteed income for life, eliminating the fear of outliving your savings.

2. Investment sophistication: You'll learn why annuities can be a smart choice for those who aren't comfortable navigating complex market conditions or managing their own investments.

3. Withdrawal rate concerns: You'll discover how annuities remove the worry about safe withdrawal rates from your retirement savings.

4. Emotional decision-making: You'll understand how annuities can help you avoid making poor financial choices based on market volatility and fear.

5. Health-related issues: You'll learn how annuities can provide financial protection as you age, potentially safeguarding your assets from cognitive decline or financial exploitation.

Throughout the episode, you'll gain insights into how annuities work and why they might be a valuable addition to your retirement strategy. You'll hear real-world examples and scenarios that illustrate the benefits of annuities in addressing these common retirement concerns.

Whether you're already in retirement or planning for the future, this episode will help you understand how annuities can provide peace of mind and financial security. You'll come away with a clearer picture of whether an annuity might be right for your unique situation and how it could fit into your overall retirement plan.

If you'd like to explore how an annuity might work for you, please click right here to contact the Insurance Pro Blog and start a conversation. 

DREAM ON

Life insurance provides for your loved ones and empowers their dreams. Watch this award-winning video from Life Happens.

TYPES OF LIFE INSURANCE PRODUCTS FOR SENIORS

This is a short summary about types of life insurance products available for seniors. Most of these products have maximum age limitations (often between 80 and 85) to qualify and these age limitations usually differ between types of coverage and carrier. Premiums are higher the older you are when you apply.

Term Life Insurance

There are several different types of term life insurance, usually with a time-period ranging from ten to twenty years of coverage (although some carriers offer twenty-five or thirty-year maximums) depending on age at application. If you need insurance to cover a temporary need, like a mortgage or a large debt, this option could be right for you. Term policies are less expensive than whole life and most carriers offer the option to convert to a permanent policy if your needs change. This makes them a viable option for those seeking affordable life insurance for seniors.

Whole Life Insurance

Whole life insurance is a permanent option that covers you for your entire life. It includes a cash value component that grows over time, which you can borrow against if needed. This type of policy is designed for those who want lifelong coverage and the ability to leave behind a financial legacy, often making it a popular choice among those looking for the best senior life insurance. There is usually no age limitation for applying but premiums may be prohibitive for those of advanced age.

Final Expense Insurance

This type of life insurance is a variant of whole life insurance designed to cover funeral expenses and other end-of-life expenses. These policies require simplified underwriting and come in “graded” versions (i.e., phase in of full coverage over a period generally between two or three years) for people who don’t qualify for full immediate coverage but are not denied coverage at all. For those who qualify, these types of policies are particularly valuable for seniors seeking life insurance options for senior citizens.

Guaranteed Issue Life Insurance

If you have health issues or prefer a simpler application process, guaranteed issue life insurance might be a good fit. You don’t need a medical exam to qualify, though premiums can be higher. This option ensures you can get coverage even if you have pre-existing conditions that otherwise disqualify you from coverage, making it suitable for those needing life insurance for the elderly. Most guaranteed issue policies come in graded versions like those explained in the paragraph explaining final expense insurance.

Please call us at 786-970-0740 if you have any questions about these types of products