2020 could be an important year for your financial planning?
If you are considering buying an insurance-related product, you should listen up! The insurance industry will be implementing - I'll say updating - their insurance pricing guildelines (called mortality tables) as they relate to life insurance, annuities, and similar benefits-based polices.
The reason; American's are living longer. Think 'mortality' which means basically how long you are expected to live. Webster's dictionary defines it as "the relative frequency of death in a specific population; the death rate".
This is BIG news: the last update was in 2001, and the industry had been using those tables to price insurance costs to consumers. Once it is phased in, I see it affecting two types of insurance products being utilized by many of us today.
If you are considering buying an insurance-related product, you should listen up! The insurance industry will be implementing - I'll say updating - their insurance pricing guildelines (called mortality tables) as they relate to life insurance, annuities, and similar benefits-based polices.
This is BIG news: the last update was in 2001, and the industry had been using those tables to price insurance costs to consumers. Once it is phased in, I see it affecting two types of insurance products being utilized by many of us today.
The good news: Life expectancy's are longer, so life insurance costs are apt to drop. Looking at the Social Security tables on mortality; the government says that in 2000, the average death of a 65 year-old man would occur at 80.9 years, and a women was 84 years. Their 2020 projections are at ages 82.2 for men and 84.7 for women.
You can also think about this in terms of Social Security. The longer you wait to claim it, the larger your monthly check will be. There are "rumors" out there that the age will be raised to collect social security in the near future. The Government can delay paying you. They can change the rules anytime. Annuities and life insurance are governed by contract law, and not subject to the whims of Uncle Sam or your lawmakers.
The challenge: Living benefits. Think annuity payouts to you, or Long Term Care payments when you can't provide for yourself. Also, the guaranteed "lifetime income" feature of immediate and deferred annuities - and Long Term Care riders on policies will have higher costs because the money will have to be paid out over longer periods.
In sum, ladies and gentlemen, folks have to act fast to obtain a more favorable solution to their life insurance, annuity and long term care needs. What can you do now?
Get your papers in order. Pull out your policies and arrange a time to review them with me. Perhaps I can help you with a better solution before the rates and terms change.
Thanks for reading. Pass this along to your friends also who may benefit.
Barry L. Unterbrink
Chartered Retirement Planning Counselor
(954) 719-1151 w
(954) 560-3622 m / text
(954) 642-2253 fax
You can also think about this in terms of Social Security. The longer you wait to claim it, the larger your monthly check will be. There are "rumors" out there that the age will be raised to collect social security in the near future. The Government can delay paying you. They can change the rules anytime. Annuities and life insurance are governed by contract law, and not subject to the whims of Uncle Sam or your lawmakers.
The challenge: Living benefits. Think annuity payouts to you, or Long Term Care payments when you can't provide for yourself. Also, the guaranteed "lifetime income" feature of immediate and deferred annuities - and Long Term Care riders on policies will have higher costs because the money will have to be paid out over longer periods.
In sum, ladies and gentlemen, folks have to act fast to obtain a more favorable solution to their life insurance, annuity and long term care needs. What can you do now?
Get your papers in order. Pull out your policies and arrange a time to review them with me. Perhaps I can help you with a better solution before the rates and terms change.
Thanks for reading. Pass this along to your friends also who may benefit.
Barry L. Unterbrink
Chartered Retirement Planning Counselor
(954) 719-1151 w
(954) 560-3622 m / text
(954) 642-2253 fax
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