Not affiliated with The United States Office of Personnel Management or any government agency

Not affiliated with The United States Office of Personnel Management or any government agency

Why should you consider keeping your life insurance after retirement?

You’ve likely had life insurance for most of your adult years. If it was part of your employer’s benefits package, you might not have given it a second thought. You were aware of its presence but didn’t know much about it. Or, if you have children, you may have purchased insurance as part of your financial planning. 

But you’re about to retire, or maybe you’re already there. Your work no longer pays for life insurance, so you must decide whether to get a new policy or live out your retirement years without one. What is the best option? 

Do not forget that a variety of factors, such as age, health, and the quantity and form of insurance acquired, will impact the price and accessibility of life insurance. Costs associated with life insurance plans include mortality and other fees. When a policy is prematurely abandoned, the policyholder may also be responsible for paying surrender fees and facing income tax repercussions. Before executing a strategy incorporating life insurance, you should think about figuring out if you are insurable. Any assurances included in the policy are subject to the issuing insurance company’s capacity to continue paying claims. 

Does your insurance policy contain a cash value? 

Your entire life insurance policy may have accrued cash value over the years. As long as you continue to pay your premiums on time, whole-life insurance is intended to stay in effect for the duration of your life. Make sure you comprehend the features and restrictions of whole-life insurance before abandoning it. 

Before making changes to your life insurance strategy, you might want to think about seeking counsel from a financial expert, as this article is just meant to serve as general information and is not a substitute for specific, personalized advice. The FDIC (Federal Deposit Insurance Corporation) does not provide life insurance. It is not covered by any bank, savings institution, or federal government agency. 

Are you planning to pay estate taxes? 

You can owe estate taxes if the value of your estate exceeds the federal or state estate tax thresholds. The money from your life insurance policy might spare your heirs from having to liquidate other assets and help them manage their tax conditions. You might wish to think about seeing a lawyer who can give information on prospective legislative changes since estate tax regulations are continuously changing. 

Do you get a pension for a “single life”? 

Perhaps a previous employer or a private income agreement with an insurer provides you with a pension-like income each month or quarter. If you’re married and your pension doesn’t have a joint-and-survivor option, your income stream will stop if you pass away before your spouse. Your spouse may face a significant financial challenge if you pass away before reaching retirement age. Consider looking for a life insurance policy with a monthly premium equal to the difference between the amount of income your household would receive from a joint-and-survivor pension in comparison to a single-life pension if your spouse runs the danger of finding themselves in such a scenario. 

Do you have a mortgage?  

If you have refinanced your house or borrowed money to purchase a property, a life insurance payout may be able to relieve your heirs of part or all of that burden in the event that you pass away with the mortgage still due. 

Contact Information:
Email: [email protected]
Phone: 3234811328

Bio:
For over 13 years, Jason Anderson has served as a Personal Financial Advisor, Estate and Retirement Planner, helping to educate individuals from all walks of life and income levels on wise money investment and planning for a comfortable lifestyle and retirement.

Over time, Jason Anderson has become the ‘Go-To’ leading authority on personal financial advising, financial planning, and analysis, as well as retirement planning and financial planning for SMALL BUSINESS OWNERS. He also provides HIGHLY Popular financial education seminars for groups. These financial seminars empower people to more effectively budget, plan, manage their money, and achieve their personal financial goals. As a result of the excellent results, praise, and feedback that their financial seminars have received, the City of Los Angeles, The AFL-CIO union groups, as well as several other organizations, have decided to partner with Jason to more effectively accomplish their mission. He was also honored to be showcased in the November 2014 issue of Forbes Magazine “Americas Financial Leaders” and has been dubbed by the media as ‘The Financial Educator.’

Jason is passionate about the work he does because it brings him joy to help his financial planning and advising clients reach their financial goals. He finds excitement in assisting families in saving and paying for their children’s college education without stress, thanks to the financial plans he designs for them. He also takes pride in witnessing clients reach retirement and enjoy it precisely the way they desire.

Personally, Jason finds joy in being a husband and father of two wonderful children. In his spare time, he enjoys traveling, sports, hiking, and reading.

He works with Employees, Business Professionals, Business Owners, and ‘High Net Worth’ People.

► Like to discuss your personal financial situation?
☏ Call Jason at (323) 481-1328 for a FREE Consultation
✉ Email him at [email protected]

Disclosure:
All annuity and life insurance products are designed to supplement securities as part of an overall plan. The recommendation of annuities and life insurance is not designed to eliminate the need for securities in any way.

For over 13 years, Jason Anderson has served as a Personal Financial Advisor, Estate and Retirement Planner, helping to educate individuals from all walks of life and income levels on wise money investment and planning for a comfortable lifestyle and retirement.

Over time, Jason Anderson has become the 'Go-To' leading authority on personal financial advising, financial planning, and analysis, as well as retirement planning and financial planning for SMALL BUSINESS OWNERS. He also provides HIGHLY Popular financial education seminars for groups. These financial seminars empower people to more effectively budget, plan, manage their money, and achieve their personal financial goals. As a result of the excellent results, praise, and feedback that their financial seminars have received, the City of Los Angeles, The AFL-CIO union groups, as well as several other organizations, have decided to partner with Jason to more effectively accomplish their mission. He was also honored to be showcased in the November 2014 issue of Forbes Magazine "Americas Financial Leaders" and has been dubbed by the media as 'The Financial Educator.'

Jason is passionate about the work he does because it brings him joy to help his financial planning and advising clients reach their financial goals. He finds excitement in assisting families in saving and paying for their children's college education without stress, thanks to the financial plans he designs for them. He also takes pride in witnessing clients reach retirement and enjoy it precisely the way they desire.

Personally, Jason finds joy in being a husband and father of two wonderful children. In his spare time, he enjoys traveling, sports, hiking, and reading.

He works with Employees, Business Professionals, Business Owners, and 'High Net Worth' People.

► Like to discuss your personal financial situation?
☏ Call Jason at (323) 481-1328 for a FREE Consultation
✉ Email him at [email protected]

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