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Monday, July 15, 2024
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Life Insurance

Although most people don’t like to dwell on these topics, many fatal accidents and illnesses affect people's lives every day, causing grief, stress, and financial difficulties. Although there is little that can be done with regards to the grief and emotional problems associated with the loss of a loved one, there is something that can be done about the financial losses that this type of situation can result in. For those left behind, the financial strain is an added worry at a time that is already rife with stress, but with the right insurance policy in place this is one worry that can be eliminated.

If anything were to happen to you unexpectedly, would your loved ones be able to cope financially? For many people the loss of a loved one also means the loss of an income, and this can result in financial difficulties that could even mean losing the family home in some cases. Life insurance, however, enables you and your loved ones to enjoy peace of mind, as this type of policy will pay out a lump sum to your family in the event of your death (subject to terms and conditions). Nobody knows what life has in store, and this type of cover provides your family with the financial protection that is so important in the event of your unexpected demise.

There are a number of options available for those that want to take out life insurance cover. If you are married or living with your partner, you may wish to consider a joint policy, as this will provide financial protection for your family in the event that either of you pass away, which means greater peace of mind and better value for money. You may, on the other hand, prefer to opt for a single policy depending on your circumstances. The cost of life insurance cover can vary depending on the type of policy and the level of cover that you choose. Other factors that can increase the cost of life insurance include obesity, certain medical conditions, and smoking, as factors such as these mean that you are classed as a higher risk customer.

There are two main types of life insurance cover, and these are term life insurance cover and whole life insurance cover. Term life insurance is a shorter term cover that provides protection for a limited period, such as fifteen years. This is a popular form of life insurance, and is the cheaper option for those on a budget. At the end of the specified term the cover will expire, and there is no cash back or financial gain available. With whole life insurance cover, you are covered until you die, and as long as you have maintained payments of your premiums your family will receive a payout (subject to terms and conditions). This form of insurance cover can provide additional peace of mind, but is also the more expensive option.

You can also add on critical illness cover with your life insurance, which means that you will receive a payout in the event that you contract a critical illness, and the money will be your to keep even if you then go on to recover.

Estate Planning

At Retirement Geeks, we can assist you and your estate attorney in all aspects of developing and managing a personalized estate plan designed to ensure the continued growth and preservation of your family's hard earned assets. Our Estate Planning areas of expertise include:

  • Wealth preservation strategies

  • Private-business succession planning

  • Family-trust planning

  • Charitable-remainder trusts


Our primary concern is your family's long-term interests, and our experienced trust advisors can work with you to determine whether a trust is the best option for your family. We will partner with you and will consult with your attorney and tax advisor to develop a customized Estate Plan that meets your needs and concerns.

Fixed Annuities

A fixed annuity is a financial product issued by an insurance company. It minimizes tax liability, while allowing tax-deferred growth of assets. At retirement, a fixed annuity can provide a guaranteed income stream for one or more people, in specified amounts, for a specified period or for life. 1,2

There are basically two types of fixed annuities: a fixed deferred annuity and an immediate fixed annuity. A deferred annuity may be purchased with a lump sum (single premium), or through a series of premiums. Each premium earns a guaranteed interest rate for a specified period - usually one, three, five or six years. An immediate annuity is purchased, generally at or near retirement, by lump sum and is immediately converted into a series of income checks paid monthly, quarterly, semi-annually or annually. Income payout is based on a guaranteed, fixed interest rate. 2

Why would you want one?
Because you want a financial product with predictable growth and stable performance with no stock market volatility. You want a secure retirement income that is not dependent upon circumstances beyond your control. You know that Social Security alone might not provide the retirement income you'll need to maintain your standard of living or cover your monthly expenses. Your employer-sponsored retirement plan could miss the mark as well. A fixed annuity may help fill the resulting income gap.

Fixed annuities appeal to those seeking to defer tax liabilities; who want to offset or avoid the risk and uncertainty of stock market based investments, such as individual stocks or mutual funds. Fixed annuities also offer a way to preserve a rollover from an employer-sponsored retirement plan and lock in a guaranteed interest rate. 2

What's more, by offering simplified asset transfer to your named beneficiary upon your death, an annuity can eliminate the inconvenience and cost of probate.

  1. Withdrawals of taxable amounts from annuities are subject to ordinary income tax and, if taken prior to age 59 ½, a 10% IRS tax penalty may apply. Withdrawal charges may also apply.
  2. All guarantees (principal lifetime income and interest rates) are subject to the claims-paying ability of the issuing insurance company.

Long Term Care

Many individuals are not aware that they are at risk to outlive their retirement income. Boomers tend to focus on priorities such as funding their children’s education and investing in their retirement. Female boomers may be at a greater risk. They may fall into the circumstances of the “sandwich generation” by typically having to sort out the responsibility of taking care of their children as well as their parents. Couple this with longevity and increasing health care expenses and what can you expect? What is your solution? Are you prepared to deal with this potential crisis?

With the signing of the Deficit Reduction Act (DRA) of 2005 by President Bush in February 2006, the federal government has taken steps to encourage Americans to take more personal responsibility for covering the cost of their long term care (LTC). One facet of DRA allows states to establish Qualified State Long Term Care Insurance Partnership Programs. The intention of these government-sponsored LTC programs is to:

  • Help protect the stability of state Medicaid programs

  • Promote the importance and value of private LTC insurance coverage

  • Offer Medicaid Asset Protection to consumers who buy LTC insurance, enabling them to protect an additional dollar amount of personal assets and still remain eligible to apply for Medicaid coverage of LTC services if needed.

LTC Insurance policies help your family with the burden of crisis management. It is a present that you can give your family to alleviate the coordination of care and financial burden should long-term care be needed.

Disability Insurance

If you became sick or hurt and couldn’t work, how would you pay your bills? How would you maintain your living standard? If you’re like most people, your ability to get up each day and earn an income is one of your most valuable assets. Furthermore, your chances of becoming disabled at some time during your working career are probably higher than you would expect.

Disability insurance can replace a portion of your income when you are unable to work because of injury or illness.

There are two major types of disability coverage:

Short-Term Disability
Short term disability provides an income for the early part of a disability. A policy may pay benefits for two weeks up to two years. Short-term disability is often included as part of an employee benefits package.

Long-Term Disability
Long term disability helps replace income for an extended period of time, usually ending after five years or when the disabled person turns 65. Some people have long term disability insurance provided by their employers; others purchase it individually. There are two major types of individual long-term disability insurance: noncancelable and guaranteed renewable. (Other less expensive policies with limited, if any, premium or renewability guarantees are also sometimes available.) In the case of non-cancelable or guaranteed renewable policies, the insurer cannot cancel or refuse to renew the policy as long as the required premiums are paid on time. The key difference between the two major types of policies is that under a non-cancelable contract, you have extra security that premiums can never be raised above those shown in the policy as long as the required premiums are paid. With a guaranteed renewable policy, the premiums can be raised, but only if the change affects an entire class of policyholders. For this reason, initial premiums for guaranteed renewable policies can be less expensive than non-cancelable policies.


Securities, fee-based, and advisory services offered through LPL Financial, a Registered Investment Advisor, member FINRA/ SIPC, America's No. 1 independent broker / dealer.* Trust services offered through The Private Trust Company N.A., an affiliate of LPL Financial. *Based on total revenues, as reported by Financial Planning magazine, June 1996-2019.

Though our fixed insurance agents are licensed in all 50 states, our LPL Financial registered representatives associated with this Web site may only discuss and/or transact securities business with residents in the states in which they are licensed. Jon Dewar, the LPL Branch Manager is licensed in the following states: California, Florida, Massachusetts, Minnesota, Missouri, North Carolina, Ohio, Texas, and Virginia. RetirementGeeks & Legacy Life Group, Inc. are independent of LPL Financial.
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