Your financial plan and investment portfolio is likely made up of a variety of different types of assets which you probably review with your wealth advisor at least annually if not more often Insurance policies can play a critical role in your financial plan but they are often overlooked, Whether it is life health disability long term care excess liability or property and casualty insurance plays a major role in a comprehensive financial plan Specifically when it comes to life insurance our clients often ask “How much insurance coverage should I have” “Should I keep my old policy” “When can I stop paying premiums” We recommend that you review your life insurance policies —…, Types of life insurance, There are several different kinds of life insurance, Term insurance , This is the lowest cost life insurance you pay a level annual premium for a fixed death benefit The term expires after the chosen - number of years (ie 1020 and 30-year term, Whole Life insurance,  Compared to term insurance these policies are more expensive but build up cash reserves resulting in a permanent asset  As long as premiums are paid the policy should not expire  The cash value is invested in the general portfolio of the insurance carrier  Eventually the cash value can be used to pay premiums and receive an income stream, Universal/Indexed Universal Life/Variable Life insurance,  With these types of policies your premium is higher than term and the cash value builds up just like a whole life policy except that you can direct how the cash value is invested The choices vary by product but allow investment in the equity bond and cash markets  All these policy types can play a role in a financial plan The key is making sure the policy is performing as expected and the…, Five reasons to review your life policy, 1 | Whole life premiums are continuing well past the estimated payment duration Since whole life policies are invested in the insurance company’s general account the crediting rate that they earn is based on the insurance company’s ability to earn interest on that account These general accounts are conservative fixed income portfolios Although interest rates have been higher lately they have been…, When was the last time you reviewed your policies, We recommend that our clients review their life insurance policies and their beneficiaries every three to five years Questions to ask during that review include Is this still the right amount of insurance coverage Is this still the right policy What am I trying to accomplish What do I need versus what I already have What are my options As your needs change over time it is important that you work…

Preparing for retirement is a marathon — not a sprint — and requires discipline over a long period of time Much like exercising or changing one’s diet results are often best when a person has a partner to be accountable to as well as share success That said many couples fail to plan effectively together , Researchers at the University of Notre Dame and the University of Cambridge performed studies on the purchasing patterns of couples who were married or in long-term relationships¹ The studies compared the types of purchases individuals made when couples had a joint bank account versus individual bank accounts The researchers found that Individuals are more likely to make purchases for goods and…, If you are thinking about retirement here are a few things you and your partner should consider, Discuss your retirement income needs and potential sources of income Discuss your saving and investment strategy A detailed discussion will disclose your strengths and weaknesses and allow you to set goals to increase your probability for success Maintain a healthy lifestyle According to the National Bureau of Economic Research2 households average $122000 of medical expenses between age 70 and…, Published January 2025, 1 Garbinsky Emily and Gladstone Joe The Consumption Consequences of Couples Pooling Financial Resources (2017 Association for Consumer Research  http//acrwebsiteorg/volumes/1023767/volumes/v45/NA-45 2 Farrell Chris The Truth About Health Care Costs in Retirement (June 28 2018 Forbes  https//wwwforbescom/sites/nextavenue/2018/06/28/the-truth-about-health-care-costs-in-retirement/#41483ac64401