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Life Insurance for the Living | Guarantee your income

Life insurance for the living

Today there is a plethora of new products and riders available in the life insurance marketplace. Living Benefit riders for critical and chronic illness can be added to permanent and term policies.  Some policies offer a rider built into the base of the policy.  Usually, there is no upfront charge for this “inbred” rider because the cost is added to any claim that may happen later.  Some do not underwrite for the rider, only the base life insurance policy.  For clients with existing medical conditions, this may be the only type of long-term care coverage they are eligible for in the industry.

The best chronic illness rider provides a dollar-for-dollar reduction of the death benefit when on claim. The carrier will charge for and underwrite the rider.  Most term policies allow you to convert to some type of permanent coverage down the line, but one company stands out from the crowd offering a rider that allows you to convert to a permanent product with a “dollar for dollar” chronic illness rider.  Not all products and riders are equal.  The link below highlights some more insight to today’s confusing marketplace for these living benefit riders.  You don’t have to learn it all, just give us a call!

How Much Can You Accelerate with a Chronic Illness Rider


Income for life

Interest rates have been low for some time and many expect them to remain low for quite a while.  The 4% rule has been questioned along the way and now some are questioning Monte Carlo projections.  In a recent article retirement experts David Blanchett and Michael Finke, question the returns used when using Monte Carlo projections.  These are just some of the reasons many clients are looking to protect their assets and income. 

The False Promise of U.S. Historical Returns

For lower net-worth clients, the need to annuitize is often obvious but I continue to run into higher net-worth clients who want guaranteed income too.  In 2007 authors David F. Babbel and Craig B. Merrill, published their research reflecting the value of adding some income for life in a client retirement situation.  They essentially suggest you should have enough income for your living expenses.  If you don’t have enough then annuitize some of your portfolio to do so. This allows you to grow the rest of your assets instead of having to shift most of your portfolio towards an income mix.  A link to their study is provided below.

Investing Your Lump Sum at Retirement

I see continued growing concern from all levels of wealth and some investment professionals too.  If you are interested in learning more about annuities, email rob@intinsconsulting.com for a replay of our recent “Rethinking Retirement Income” Webinar. 

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