Monthly Archives: January 2015


Let’s be realistic, if you have an adequate investment and pension portfolio, if you have made provisions for your health care costs, if you have no one relying on you for financial support, maybe, just maybe you can afford to retire.

Did you know that a healthy 65-year-old man has a life expectancy of 87 and a woman, 89; and that 38% of the men and 50% of the women will live to age 90, according to recent research on longevity risks and retirement.

Have you thought about outliving your income? Perhaps a lifetime income annuity would be appropriate to cover your basic retirement needs.

Those with kids—and grandkids
How much will it cost to raise a child to age 17? In households with income over $105,000, it’s estimated to be $399,780. Per Child. Without college expense. Combined expenses may be $650,000 or more. How many children do you have? What happens when they come home to live after they graduate? How long will they stay? What happens if you’re is not around to pay these expense? Do you have adequate life insurance?

Grandparents provide the primary financial support for one out of 10 grandkids, and 49% of parents age 60 and older are still providing financial assistance to an adult child.

Is there still a need for life insurance protection? Absolutely!

And those in supporting parents
What about adult children who are supporting parents who are 65 or older? Some 15% of people age 40 to 59 are providing this support while still raising a young child or an adult child. For people 60 and older with a living parent, 50% of the parents need help with day-to-day activities. Does the caregiver still need life insurance? What happens if the caregivers are no longer around?

Add in medical and long-term care
Now let’s talk about the cost of medical care after retirement. According to Fidelity Investments, the average 65-year-old couple will spend $220,000 in 2013 dollars on out-of-pocket medical expenses during retirement.

Have you provided for this in your retirement planning? Keep in mind that this does not include the costs for long term care, which is easily $100-$250 a day.

A solution
So let’s come back to life insurance—cash value life insurance. It will be there when it is needed most and provides guarantees, versatility and flexibility for changing situations. Cash value life insurance provides security, dignity and peace of mind and solves the risk problem for pennies on the dollar.

If you love somebody, owe somebody or have someone dependent on you, you need life insurance.

New Year – Insurance Peace of Mind

New Year’s Insurance Resolution: Re-evaluate your needs.

As one year draws to a close and another begins, take the time to look at your insurance policies to see if there are any last minute items you can take advantage of, as well as review your policies to make sure they are up to-date.

Let’s face it, a lot can happen in the course of a year, and your insurance policies need to reflect those changes. Here are just a few things to keep in mind.

Health Insurance

Don’t miss out on benefits – Some plans cover annual physicals with little or no out-of-pocket cost, so it’s nice to start the new year with a clean bill of health. If you have a dental or vision plan, you may be eligible for a cleaning, check-up, contact lenses or glasses. Check with your insurance company to see if you are eligible for any specific services

Life Insurance

And with a new bundle of joy – You and your spouse will want to look at how to protect the little one financially if one parent is no longer there. Don’t make the mistake of thinking you only have to replace the income of the working spouse. Child care should be part of your life insurance equation.

 Homeowner’s Insurance

Your home is likely your greatest asset – Be sure your homeowners coverage is up to date. Has the value of your home changed? Have you made improvements? What about those costly electronics or jewelry that you received as a holiday gift – has that been added to your policy? Do you do business with one or many insurance companies? If one company insures your home and your cars – you will receive a discount.

 Auto Insurance

Look for discounts – Some insurance companies offer discounts for people who take defensive driving classes each year. Another option is to re-visit your current car insurance policy. How long ago did you set it up? Many people set it up once and forget about it but if it has been a few years, your needs may have changed and you may need less (or even more) insurance. Additionally, it’s a great to do some comparison shopping. Pennsylvania has one of the most competitive auto insurance markets in this part of the country. Why not take advantage of it?

 Other Insurances

Evaluate your needs by your stage in life – As an empty-nester, you may be planning to move to a new area, considering long-term care coverage or evaluating annuities. As you get into your later middle years, it may be helpful to look at how you wish to be cared for – if you can no longer care for yourself. Is long-term care insurance a product that might work for you? Also, what would be the costs of homeowners and auto coverage in other parts of the country? Those things should factor into your retirement decisions as well.

Happy New Year