Life Insurance

High Deductible Survival Plan – Part One

Presented by Brian Leising Do you have clients with high deductible health insurance policies? Do you know people that need term life insurance? What do these questions even have in common? Follow along and I will explain. With the recent changes in the health insurance market, more people than ever now have high deductible plans. Some never enjoyed coverage previously and some chose these plans due to price. What if something happened to them, a heart attack or cancer diagnosis for example, would they have the funds to pay for their high deductible all at once? Where will they get the money? A recent study showed half of the people in our country have no life insurance at all, and half of the other half don’t have enough. You know people that need term life insurance, three of every four people you meet according to the statistics. We know many people need a source of funds to pay their health insurance deductibles, and they likely have a need for life insurance. What if their life insurance policy could do more than just one thing? What if their policy could provide a death benefit and a living benefit they could use to cover their deductible? In part two, I will explain how this works and how affordable these new policies really are.
Annuities

Part of the Plan

Presented by Richard Mangiameli When considering retirement income planning, life insurance and annuities should be part of the plan, because they may provide the most direct and efficient way to reach ones retirement goals.
Life Insurance

College Planning Market

Presented by Gary Peterson If you work in the college planning market, you are well aware of strategies to move assets or overfund permanent life insurance policies for tax-free cash. What’s better than rearranging existing dollars into better funding vehicles? How about FREE MONEY! One of our life insurance carriers actually offers college scholarships to children and grandchildren of policyholders. Here is a link with more details on Foresters competitive scholarship program. They specialize in low face amount non-med term and final expense whole life. This would be a great addition to existing college planning and a great fit for families without the resources for larger college funding plans.
Annuities

Health Care in Retirement

Presented by David Corwin In 2012, men reaching age 65 had an average additional life expectancy of 17.8 years, while woman reaching age 65 could expect to live an additional 20.4 years on average. While estimates vary, a couple retiring at age 65 without private health insurance from a former employer can expect to pay significant out-of-pocket health care costs during their retirement years. For example, estimates show that a 65-year-old couple who retired in 2013 needs about $220,000 to cover medical expenses throughout retirement, a 38% increase from the $160,000 first estimated for those retiring at age 65 in 2002. This estimate applies to retirees with traditional Medicare coverage and does not include costs of dental care, long-term care or over-the-counter medicines. About one-third of individuals that turned 65 in 2010 needed at least three months of nursing home care, 24% more than a year, and 9% more than five years. The national median daily rate in 2013 for a private room in a nursing home was $230, an increase of 3.6% from 2012. The average length of a nursing home stay is 835 days. At a median daily rate of $230, an average nursing home stay of 835 days currently costs over $192,000. With all those statistics in mind, the rising cost of health care in the United States has become one of the primary risks to a financially secure retirement. While lower (than in 2012), this year’s estimate is still daunting for many retirees, and it will consume a considerable amount of a couple’s retirement savings. It is extremely important that health care costs are factored into retirement savings strategies today so that retirees can be prepared to pay their medical bills throughout retirement. With health care costs expected to continue increasing faster than inflation, the time to plan for your future health care needs is now… before you retire. Your ability to enjoy a financially secure retirement can be enhanced by planning for future needs such as:
  • Long-Term Care Services • Are you familiar with the variety of long-term care services available? • If it becomes necessary, what type of long-term care services would you prefer? • How will you pay for any needed long-term care services?
  • Advance Directives • Have you communicated your medical care wishes in the event you suffer a catastrophic medical event? • Have you named someone else, a spouse or family member, to make medical decisions for you in the event you are incapacitated?
  • Paying for Health Care in Retirement • Do you know what your out-of-pocket health care costs might be after you retire? • Are you aware that Medicare, while it covers many health care costs, has significant limitations? • Are you familiar with the various types of insurance that can help pay health and long-term care costs not covered by Medicare?
Disability

Are you living with half a health plan?

Presented by Donna Ries Medical plans cover the costs of doctors and hospitals, but are your clients prepared to cover the financial costs when an unexpected, devastating event occurs and they are unable to work? Without an income, who will pay for the basic necessities such as mortgage payments, utilities, gas, groceries and other necessities? According to a 2005 Harvard study, over half of all personal bankruptcies and mortgage foreclosures are a consequence of a disability. Disabilities may occur for an extended period of time. Per the Council for Disability Awareness, long term disabilities last 31.2 months, on average, so the long term financial consequences can be overwhelming. Most clients live paycheck to paycheck. There is little or no money left for unexpected emergencies such as an injury or illness – the primary causes of a disability. What to do? Help your clients plan ahead with a Financial Security Plan and be ready for the unexpected sickness or injury that may occur tomorrow.