Do You Still Need That Old Life Insurance Policy?
For Mark Roberts’ Use: Once upon a time, you probably purchased a life insurance policy to protect your family from financial disaster. In the event that something happened to you, you didn’t want to leave a spouse and children saddled with debt and struggling to survive. Now your children are grown, and hopefully they don’t depend on you anymore. Do you still need that old life insurance policy? Actually, you not only still need it; you might need to upgrade it!
Consider your spouse. Statistics don’t lie. Those who are widowed at age 55 or older are more likely to live in poverty than their married counterparts. Social Security survivor benefits don’t amount to much, and your spouse would probably experience extreme difficulty paying the mortgage and other bills.
Consider your estate. None of us can predict the future, but high medical bills are common late in life (or after serious accidents). The cost of settling your estate might be significant, and there is no way to know how much money would be left over after the bills are paid. Luckily, life insurance policies almost always offer a quick payout of benefits, so your beneficiaries would at least be protected from undue financial stress.
So if you’ve received a notice that your term life insurance policy is expiring soon, will you just automatically lose coverage? Actually, no! In some cases it is possible to extend the length of that policy and keep your coverage, or you might wish to convert it into a permanent life insurance contract.
As always, the cost and benefits of life insurance policies vary greatly depending upon several factors. There is no single solution that is right for everyone. However, if your policy is expiring soon, you do have an important decision to make. Call us, and we can discuss your situation in depth. We’ll help you identify the solutions that will keep your spouse and heirs protected.
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In addition to managing clients’ money and giving investment and diversification advice, Mark offers something that “the other guys” don’t - a unique approach to Retirement Tax Strategies and distribution. Time and time again, Mark meets with new clients who tell him they have a great relationship with their financial advisor but have never been offered information on this kind of approach to securing their financial futures. Mark has taken this feedback to heart and works tirelessly to ensure that his strategies focus on taxes and distribution.
Mark started selling insurance for a major insurance company right out of high school to help put himself through college. After graduating with a degree in finance, he dove into estate planning on the financial side to set himself apart from other financial advisors. However, as changes were made to estate tax laws over time, Mark shifted his focus to income tax strategies.
Mark’s philosophy is “the blue prints are more important than the wall paper or carpet.” The wall paper and carpet represent products like investments and insurance policies, whereas the blue prints represent the strategies. Once strategies that truly fit the client’s needs are put in place, our focus can shift to providing you with the right products. According to Mark, “It doesn’t matter what carpet we use if the walls are not in the right place.”
Our approach to money management is designed to generate the largest alpha (quality) with the lowest standard deviation and beta (risk). By doing this, we help provide clients with the highest return on the lowest risk. Generating income for our retirees is also very important. Because withdrawing money from your portfolio hurts the account rather than helping it, our goal is to design income strategies to harm the portfolio the least making the money last longer.
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