AllCarePlans Insurance & Financial Services Blog
Do you want income now or income later?
When you purchase an annuity, you can choose between an immediate annuity - if you want the income right away - or a deferred annuity - if you want the opportunity to build your account value over time and convert it to income in the future.
Why would anyone in his or her right mind use permanent life insurance to supplement retirement income, especially when they have a 401k or 403b plan and/or IRA's?
There are a few reasons.
Most types of insurance have choices of how high your deductible will be. They can vary from nothing to very high into the thousands of dollars. The deductible must be paid before the insurance kicks in and makes a payment on your behalf. Having a lower deductible means that you will have less out-of-pocket costs.
There are many reasons why you may need physical therapy at some point in your life. Whether that’s recovering from a health emergency like a stroke or heart attack or combatting age-related physical decline by improving flexibility and balance, physical therapy can have amazing effects on your personal well-being and quality of life. But, whatever reason you may have, physical therapy likely won’t fix it after one session. This requires a commitment from you, as well as a financial burden if you don’t have coverage.
You likely have life insurance. You know that your family will be okay should your life end prematurely. But what if you become disabled? There’s a good chance that you don’t have sufficient resources or insurance to replace lost income if you find yourself unable to work. Most Americans fail to consider the ramifications of short or long-term disability.
The thought that your children could pre decease you is something no parent wants to consider. Unfortunately, it is a reality that many parents had to confront in their lives. To prepare for this unexpected tragedy, many parents purchase life insurance on their children. Others look to purchase policies on their children as a good investment by getting them insured at a young age and lock in low rates. Before doing so, there are many factors to consider to ensure you are making a wise decision.
When was the last time you sat down and actually thought about your insurance coverage? Let's face it, it's not exactly on the weekly "to do list" for a wide variety of reasons and so it's not surprising that many are caught unprepared when an emergency happens. One thing to remember is that you don't have to live in an area susceptible to a major disaster (i.e. living in an earthquake or hurricane prone area) to suddenly realize that your current insurance coverage is woefully out of date.
Medicare is complicated. This is the major criticism against it. Many Medicare mistakes occur on a regular basis. Avoiding these mistakes ensures that you’ll have far fewer challenges in getting the care you require.
Financial experts confirm that a solid income foundation includes disability income insurance. This strategy comes from the obvious need to protect your future income and yourself in case of an accident or death. During your working career the chances of getting injured are something to take notice of.
Should you buy term life or whole life insurance is a long standing debate in the finance and insurance industry. If you do an internet search, you will find a plethora of articles arguing why one product is better than the other. Some insurance and financial professionals lean more to the term life side and view whole life as a flawed product. However upon closer analysis, you will learn how it can be structured to be a very powerful instrument in helping you achieve your financial goals. A balanced view of both is required in order to make the best financial decision for your situation.