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grandfather enjoying free time with grandsonWe often notice that potential clients only view our agents as just the Medicare insurance person when in fact we offer complete retirement planning for all ages. Some common questions to consider when meeting with your insurance agent:

Do you have concerns regarding post hospital care or long term care? Do you want to burden your children if you need that care? Do you have money set aside for intermediate and custodial care?

We ask these questions because Medicare or Medicare Advantage plans do not pay for post hospital care, nor do they pay for intermediate or custodial care. Most people think they will never need it but if you are not properly covered it could cost you your nest egg.

Do you have life or final expense insurance? Do you have a whole life policy and are you still paying premiums? Why did you choose term insurance? If you don’t have coverage who will pay for your burial expenses, your children? Does that concern you? These are important questions because even if you do have coverage we find some folks are overpaying, have the wrong coverage or don’t even know what kind of coverage they have. In a lot of cases we are able to help reduce these costs or get them the coverage they actually need.

Do you have a 401K or an IRA? Are you happy with the returns on your retirement plan? What if you could get the market gains without the losses, how would that make you feel? We ask these questions because most folks We meet are not happy with the ups and downs of the market and feel because they are older they want to keep their money safe and have peace of mind about it. We are able to offer just that!

The aforementioned are just some of the concerns that are on the minds of seniors today but are afraid to talk about, and that’s why we ask those tough questions. We know by doing so we can help our clients with some important coverages that fit their needs and is affordable to their budget. Our clients never knew that we can help their nest egg last for the rest of their lives or stop paying the high premiums on their current life insurance AND STILL have life insurance. Let’s talk about what BGA Insurance Group is all about and how we can help you.

Equity indexed Annuities: provide the guarantees of fixed annuities combined with the opportunity to earn interest based on potential market gains, without the market losses and without directly participating in the market. Some the features that are available through indexed annuities are premium bonuses, various crediting methods such as the S&P 500, the Dow etc. and allocation options that give you choices for your money. You can also set up a feature on this annuity called an Income Rider which will pay you a pension that will last the rest of your life.

Multiyear Guaranteed annuities: is a contract between you and an insurance carrier where you agree to pay a premium from an IRA, 401K, CD, cash etc. and in return the carrier pays you a guaranteed interest rate for a specific period of time that you choose. We often refer to this type of annuity as a CD on steroids because it will surely pay you a higher rate of interest and you still have access to your money unlike a CD.

Immediate Annuities: make income payments immediately, or very soon after purchase. You use an Immediate Annuity when you want to start talking income as soon as possible. This annuity can also provide you and your spouse with an income stream that can never be out-lived.

We love explaining annuities to our clients because they are:

Tax deferred

They avoid the probate process in Pennsylvania

You typically earn a much higher interest rate than compared to CDs, money markets and traditional savings accounts

You have access to your money year round

There are no costs such as management fees, contract fees and statement fees

You get the market gains without ANY downside risks

They provide a steady income stream for life

Safety….All annuities are backed dollar for dollar by the insurance carrier issuing them.

Basically as I outlined, fixed annuities are a powerful vehicle used for saving, retirement and guaranteeing regular streams of income. No matter how poorly the market is performing, and your friends are complaining they have lost money, we can always give you an honest answer by saying you haven’t lost a dime!

Another area of retirement planning that should never be overlooked is Life Insurance or Final Expense Insurance. If you have any of the following concerns you should definitely speak with your BGA broker.

Legacy to family members

College funds

Legacy to your favorite charity

Burial costs you don’t want to burden family members with

Probate expenses

Tax free retirement planning (a great vehicle for people for all ages under 60 years old)

Financial planning

Business partners

Help offset the tax burden on your loved ones

Your current life insurance has high premiums (we can help in most cases)

Peace of mind

Those are just a few concerns that people think about but the bottom line is this is an important part of your planning that cannot be ignored. Get in touch with your BGA agent because you are due for your free life insurance review.

Another important area that is almost always overlooked is Home Healthcare. We’re sure if you had a parent who needed this kind of care and was not set up with a proper plan the financial burden was unbearable. In some cases it devastates families financially. When we broach this subject with clients the question I always get asked is “why do I need it?’

We say number one is protecting your assets because if you ever needed post hospital care it could break your bank. We can’t tell you how many times as a broker we’ve seen people having to use up their nest egg money to pay for that care. In a lot of cases it wipes them out entirely and they need to find another source of income, in some cases going back to work.

Another reason this subject needs to be brought up is because most people say their children will take care of them. Does your child have their own children to tend to and take care of? Does your child have their own job or career they can’t afford to be taken away from? Do they even have the room for you? Quite simply do you want your children assisting you using the toilet or having to bathe you?

In some cases you just may want the highest quality of care in your own home and may want to avoid the government programs that will not provide the care you may want. It’s about having choices where you get your care including the privacy of your own home.

As a broker, we bring these subjects up because you may be afraid to talk about them but we would be doing you an injustice if we didn’t. Please feel free to talk to your BGA agent about these subjects, don’t worry you will not be pressured into buying additional insurance if you don’t want to, but all the same you will be getting a great education in just a few minutes time of what could affect the outcome of your financial future and retirement plans.