retirement and life insurance - Spencer Insurance Agency, Inc

Are you prepared?

          LIfe Insurance and Disability Insurance. Get protected

We meet with many clients and prospective clients to discuss their life insurance needs. One common thread is the lack of any estate planning.  Most people equate estate planning with the wealthy.

Yes, the wealthy need estate planning but don’t be fooled, so do the rest of us.  What is Estate planning?  It can be very simply having an updated will, advanced medical directive and power of attorney.

Why do you need estate planning?

  • Your children are getting older and moving out on their own. You are downsizing and preparing for retirement. Your estate planning documents are probably outdated. You need to meet with an estate attorney and update your documents
  • You have young children and life insurance. You don’t have a will or the will was done before you had any children. You need to update the will so you can update the guardian of your children, decide who will be the trustee of the life insurance proceeds, and make plans for a special needs child among other things. Without an updated will the courts will need to get involved to protect the children.  You need an updated will to make sure your wishes are followed in the event of you premature death.
  • You are separated, divorced or remarried. You need to make sure your will is updated to match your current situation. When a couple divorces there are many issues with their children that need to be addressed.  Life insurance beneficiaries need to be discussed to protect your children.

We am not an attorney or do I give legal advice.  We do work with many estate attorneys so if you need a referral to one I can help you out.  But, reviewing life insurance policies we see many things that make me cringe like naming minor children beneficiaries, naming a brother or friend who will be your children’s guardian the beneficiary of your life insurance proceeds and trusting caregivers to manage the large insurance proceeds.  Caregivers may be great with helping to raise your children but they may not be the best managing money.  You need to have these discussions with an estate attorney and you need to meet with us to review your life insurance.

Why you need a life insurance review:

  • Your life insurance agent may not have met with you in a long time and may not even be in the business now.
  • Do you have the proper type and amount of life insurance for your needs now?
  • Are your beneficiaries listed now proper for your situation today? You may still have an outdated beneficiary.
  • Did you update all your life insurance policies including your employer paid life insurance and retirement plan beneficiaries?

 

Contact us today for a life insurance review even if we are not your current life insurance agent.

Do you know how to get your annual Social Security Statement?

retirement crossroads

 

Many clients have asked me this question:  “In the past I received my Social Security statement by mail near my birthday. I have not received one recently, what happened?”

The U.S. Social Security Administration no longer mails the statements.  You can still get your statement annually by creating an online account on “My Social Security.” Visit www.socialsecurity.gov/myaccount and click where it says “Create an Account.”

To set up an account you need to be 18 years old and have a valid email address, social security number and U.S. mailing address.  When you set it up you will be asked for some personal information to verify your identity.

After you set up your account you will be able to get your Social Security Statement and can print or save the statement.  This statement is very valuable when planning your financial and life insurance needs.  It also tells you your options for your benefits at retirement, disability benefits, and your family survivor benefit.

If you have any questions call our office at 215-885-2200.  This statement is a valuable tool when reviewing your estate and retirement plans.  Let us know by commenting if you were successful in setting up your account.

 

What is keeping you from getting Life Insurance?

Facts from LIMRA:

  • Three in ten American households are uninsured and half say they need more insurance.
  • More than half of Gen X and Y households need more life insurance.
  • One-third of wives own no life insurance at all – despite the fact that 7 in 10 households are dual-income households and nearly 30 percent of wives earn more than their husbands.

 

Why should I review my life insurance policies?

  • You quit smoking.
  • You heath has improved.
  • You recently married, had a child, bought a house, divorced, downsized or are considering retirement.
  • You have a partner or a key employee in your business.
  • You have coverage through your employer

 

Are you relying on the life insurance that your employer provides?

Note: Open enrollment for most employers is happening soon.  Contact us now as it can take 6 to 8 weeks for your life insurance to be approved.  Compare and apply now before you need to commit to your employer’s plan for another year!

  • If you are having premiums deducted from your paycheck for life insurance provided by an employer give us a call to review the cost of that policy
    • You will find the rates change, usually every 5 years, and can become very expensive as you age.
    • Many times we can provide you the same coverage for less than you are spending now or provide more coverage for the same amount you are spending now.
    • Major problems with employer coverage
      • Price increases as you age
      • Not portable, meaning if you change jobs you may lose your life insurance.  What happens if your health has changed and  can’t get life insurance or purchasing life insurance on your own is now very expensive?

 

Solution: Call us for a review of your life insurance needs. Today’s economy has demonstrated how precarious a family’s finances can be.  Think how tough it will be for your family if they lose your income!  Don’t procrastinate; we all think we are invincible.  Go to our website and read Rachel’s story.  Her story which she was so kind to share with me will demonstrate why you can’t wait.  Check out our website for more information about Life Insurance.

Downsizing and/or Preparing for Retirement?

Are you starting to think about retirement?  Are you thinking about downsizing?  Spencer Insurance can help you.  We have a section on our website that addresses these times and provides valuable information and tips. Go to our Website and check it out!

Considering retirement and downsizing can have an impact on many things including your insurance coverage.  Consider the following:

  • Your job – Are you ready to retire?  When does Social Security begin?  Do I need to apply for Medicare?
  • Your home – Will I move?  Will someone move in with me?  Will I move in with my children?
  • Your Auto – Did you know PA allows for a 5% discount on your auto insurance if you are over 55 and take a driver’s safety course?  Check out AARP for a location near you.
  • Your Life Insurance – Is your will up to date?  Do you need to adjust your life insurance?  When was the last time you reviewed your life insurance?

Check out our Website and the “Valuable Links for Seniors.”  You will find this information handy.  Preparing for retirement should be an exciting time of your life.  Start planning now so your years in retirement will be very enjoyable for you and your family.

Share with us below any tips or comments you have for others planning their retirement.

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