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Insurance Consulting

Understanding the financial impact of your coverage

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

Since we do not have any conflicts of interest that come with selling insurance policies and collecting commissions, our team is able to leverage our experience to provide a trusted and unbiased review of your policy.

    Do I need life insurance in retirement?

    Life insurance serves an essential purpose during your peak earning years, providing 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. A cost-benefit analysis by one of our advisors can help you evaluate the effect it would have on your finances versus the benefits. In some instances, it may be worth the increasing premiums 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.  


    If you have any questions about our firm or how we can help you with your investment management, one of our Wealth Management Advisors would be happy to assist you.


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