Insurance Planning: a Possible Tool and Strategy to Overcome Inflation
{4 minutes to read} At the time of this blog, we are heading toward the end of 2022, and what was a financially challenging year for people, especially as inflation has reared its head. People are concerned about the ever-increasing cost of living as things have gone up quite a bit in the last year or so. So inflation is a challenging thing for people. We have lived over the last period with limited inflation, and suddenly we're into a period where inflation is very high. In this [...]
Family Love Letter – Estate Planning
{3 minutes to read} Today, I want to talk about estate planning. Recently, I was introduced to a service that we can provide, called the Family Love Letter. It struck me as being so powerful and so helpful for people that I wanted to offer it up to our clients who would benefit from it. Before you start planning and developing your estate plan, focusing much of your attention on things like trusts and wills and taxes, etc. — pause and think again. Fundamentally, estate planning is not [...]
What Do You Do Now?
{2 minutes to read} Twenty years ago, I purchased a 20-year term policy. Today, I got a letter from the insurance company about an important milestone that is upon us. The letter then went on to explain that my 20-year term policy has a feature now that allows me to continue the coverage if I want to, at a premium, going up from $1,300 to $52,920. Now, very rarely is anybody going to pay that premium, but this was a term policy, meaning that it normally ends at [...]
A New Kind of Life Insurance
{5 minutes to read} Today, I want to talk about a new life insurance product that has recently come out called a 12 Pay Whole Life Contract. In the illustration attached, you're going to see $100,000 contributions going in for a 45-year-old individual for 12 years. This is a permanent life insurance policy that can never expire and has limited payments so that at the end of the 12 years, you have a paid-up life insurance policy. Also, the unique nature of this type of whole life policy [...]
Annuities and How They Can Fit into Your Retirement Plan
{9 minutes to read} What seems to be top of mind for many people my age (I'm 61 years old), is retirement planning and the effect of inflation and market volatility. How are people going to navigate this difficult period that we're going through? There is a lot of fear on the street with inflation and recession and the market being down. I want to share some ideas about retirement planning, using products that were developed by actuaries — actuarial science products — annuities, and how they can [...]