To fully enjoy your retirement possibilities, you recognize your money may need to last 20 years or longer. You may have even set aside some additional funds in a safe place, such as a bank or other low-interest-bearing account, for unexpected expenses. A sound insurance strategy can help protect your family from the financial consequences of those events. Strategies can include personal insurance, life insurance, and long-term care insurance.
Insurance transfers the financial risk of life’s events to an insurance company.
Life insurance is an important financial safety net that provides an income-tax-free death benefit to beneficiaries upon your death. Use our detailed life insurance calculator to help determine your needs. Beneficiaries can use the money to help with their everyday living expenses – such as mortgage payments or medical bills, education expenses, funeral costs, and more.
Long-term care combined with life insurance retirement planning
While a life insurance policy’s death benefit is the most important reason for purchasing your policy, you may also have options to purchase benefits to help cover expenses associated with a chronic illness or long-term care.
Some of those options include purchasing optional chronic illness coverage when you buy a new policy or buying a hybrid life insurance policy that includes built-in long-term care or chronic illness benefits.
Policies offering this type of coverage allow you to either use your policy’s death benefit for eligible expenses or may provide for an additional extension of benefits to use once your death benefit has been depleted.
Our approach
At Davis Wealth Management, LLC, we take a personalized approach to life insurance retirement planning, working with you to understand your individual needs and goals, and then develop a customized insurance strategy that helps to protect you and your loved ones from the financial risks of life’s unexpected events.
We consider a variety of factors when developing your insurance plan, such as age, health, family situation, financial assets and liabilities, retirement goals, and income needs. We also review your existing insurance policy and compare it to other insurance policies to make sure you are getting the maximum amount of coverage possible for your budget.