All of the various forms of life insurance – whole life, term life, variable life, universal life and the dozens of variations of each – can be distilled down to just two types: Term and Permanent.
Without fail as Tax Day approaches every year, the mind whirls while you check boxes and fill in numbers about everything you could have, should have, would have done to save more money on taxes. Could you have saved more? Invested better? Been smarter at charitable giving? Probably.
Business owners, by their nature are creatures of optimism. The last thing that business owners want to think about is what can go wrong. If they have the right kind of insurance coverage, they may not have to think about it. It takes a thorough assessment of all of the possible risks and the business’ exposure to them to construct the right kind of insurance coverage.
Here’s a thought: retirement doesn’t mean the end. It doesn’t mean an end of self-importance or purpose, it just means a new chapter—a paradigm shift of what life is beyond long days and meetings and bosses. Unless you own your own business, and even then, you are not your business. You’re not solely defined by the question, “What do you do?” But, it doesn’t mean you should stop defining the answer for such an inquiry in your retirement era.
A quarter of retirees actually think life in retirement is worse than it was before they retired. Don’t be one of those people. Let your golden years shine when you set out a vision of what you want life in retirement to be.
It has only been since the Baby Boomer generation began to cross the retirement threshold that we’ve had to seriously confront the new challenge of our longevity. Although most of us are now bracing for the probability of living 20 to 30 years in retirement (nearly double the retirement life spans of our grandparents), what isn’t quite as clear is that our actual longevity is a moving target. That is, the older we get, our life expectancy increases, and that can have serious implications for the way we plan for our retirement income.