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Want to Convert Your Life Insurance to an Annuity? What You Need to Know.
If you're considering converting your life insurance policy to an annuity, several important factors must be considered. Here's a comprehensive guide to help you understand the process and make an informed decision. Imagine this scenario: Tom will retire in a few years. Decades ago, he opened a life insurance policy to provide security for his young family. His children are grown now and financially secure. He continues to pay the insurance premium but feels the policy is more than he needs. He’s considering transferring the policy to an annuity to provide a stream of income for his retirement. But he [...]
Take the Time to Review Your Senior Life Insurance Policy
As you’ve probably realized over the last few weeks, the COVID-19 pandemic is completely changing the way we live our lives. While we’re facing many unknowns in the coming months, making sure you have the right life insurance policy in place can take away some of the stress and worry about the future. Here are a few tips on life insurance for seniors to get you started. Senior life insurance is more affordable than you think There’s a big misconception that life insurance in general, but especially life insurance for seniors, isn’t affordable or even accessible. But this notion simply [...]
How to Talk to Your Adult Children About a Life Insurance Policy Transfer
A life insurance policy transfer to your adult children can help sustain your investment should your financial situation change... Twenty years ago, Donna bought a life insurance policy. When she chose the plan, she predicted as best she could the premium she’d be able to afford. But in recent years, financial challenges have made it difficult for her to pay her life insurance premium. And it’s due again soon. She is close to her son, Joshua. He’s married with two young children. Donna is comfortable transferring policy ownership to him, but she worries about burdening him with the premium [...]
