Retirement is closing one chapter and opening another. A new season of life will soon await you, so it is crucial that you are prepared. Now that you are ready to begin planning for retirement, where do you start?
The older you get, the more likely you are to eventually need long term care services. When you think of long term care insurance you may think of nursing homes or assisted living. While those perspectives are true, long term care insurance includes non-medical and medical services that cater to what you may need when the time comes. These services only last as long as you need them. Depending on your personal situation, you may only need long term care services for a period of time while you recover from an injury of surgery. If you do end up needing long term care services until the end of life, you want to make sure you have the planning and services covered. Deciding on if long term care insurance for you is pretty individual-specific, but to have the best outcome that fits you—you need to start planning.
Annuities aren’t one size fits all. That’s why it’s important to learn how they work and find the one that fits best for yourself. These products have many strengths but a few of the most common uses for them is; Growth, Safety, Principal Protection, Guaranteed Lifetime Income for an Individual or Couple and for Inheritance/Legacy Planning just to name a few. The most common types of annuities are:
When thinking about options for insurance, cancer insurance is one thing you want to have secured in the case of a cancer diagnosis. During the season of your illness, taking time off from work to focus on your health can be an option that can make a significant difference for your overall recovery. With cancer insurance, you can make that happen and focus on getting better. Not all health insurance plans cover the costs for a cancer diagnosis, that’s why it’s vital to have this insurance as a supplement to your overall health insurance
When choosing between term life and whole life insurance depends on your preference. Term Life Insurance has active coverage for a set period of time. Whole Life Insurance has permanent, active coverage for the rest of your life and never expires. Here are some advantages of both:
After deciding which life insurance plan will fit best for you and your family, your next decision is to select a beneficiary for your policy. This beneficiary will inherit the value of your policy in the case of having to use it. The reason for purchasing life insurance should drive your ultimate choice of your beneficiary. There are more options than your spouse or children. If you have a business you want to keep going after you are gone, then maybe your business partner could be your selected beneficiary. If you want to continue to support a nonprofit organization after you are gone, a charity or nonprofit could be your selected beneficiary. Your options for selecting a beneficiary are numerous. Make sure to be specific about who you are selecting for your beneficiary and keep your policy and beneficiaries up to date.