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?
Questions?
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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