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Insurance Consulting

Understanding the financial impact of your insurance coverage

What insurance and if you should have insurance (life, medical, etc.) in retirement are questions we get asked frequently. Our advisors can review your insurance coverage to uncover any potential gaps in coverage (i.e., long-term care).

Our team does not sell insurance policies or collect commissions. Without these conflicts of interest, we can leverage our experience to provide a trusted and unbiased review.

Do I need life insurance in retirement?

 Life insurance serves an essential purpose during your peak earning years. It provides comfort in knowing that your loved ones will be taken care of in the event of your premature demise. Later in life, when you’re self-sufficient, the necessity becomes less clear. If you don’t have significant debt or if no one in your family would experience a significant financial loss (including a pension) if you were to pass, it may not be necessary. While it may be expensive and unnecessary, in some instances there are benefits to having it. These can include providing tax-free inheritance to family members or a charity. Our team can perform a cost-benefit insurance analysis. This analysis would help you evaluate any benefits versus the effect insurance may have on your finances. In some instances, increasing premiums may be beneficial, while in others, other investment vehicles may provide a better return.

What should I do about health insurance in retirement?

Health insurance and medical bills can be costly throughout retirement. Depending on when you retire and how healthy you are, the answer to how you should handle health insurance and saving for medical bills in retirement may differ. If you retire prior to becoming eligible for Medicare, you will have to acquire private health insurance which can be quite costly. Once eligible for Medicare, the question becomes if you should purchase a supplemental policy. Our advisors can perform a cost benefit analysis as to your different insurance options and provide you the information you need to make an informed decision. Contact our team to learn more.


Please let us know if you have any questions about our firm or our services. One of our Wealth Management Advisors would be happy to assist you.


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