Retirement Planning

Whole Life Insurance Advantages And Disadvantages

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Like any other financial product, whole life has advantages and disadvantages, along with some unique features. It provides permanent coverage, guaranteed premiums that don’t increase, has guaranteed cash values, a guaranteed death benefit, and offers possible dividends.  However, it is typically more expensive than most other policies, and the cash value growth may be more limited than other permanent policies depending on the performance.

 

Whether whole life insurance is worth it depends on your life situation and goals. If you want protection that lasts your entire life, then a whole life policy from a reputable provider can be an option to consider for your needs. It can also be worthwhile for older people concerned about estate planning strategies and reducing the effects of taxes on their heirs.

 

It is important to find a financial professional who will take the time to learn about your unique situation, listen to your concerns, and clearly explain the different insurance options that best fit your needs and your budget.

 

Whole life insurance, by definition, offers coverage for your entire lifetime so long as you continue to pay premiums. It is sometimes referred to as “guaranteed whole life insurance”, because insurers promise to keep the premiums constant over the life of the policy. Should you die, and the policy hasn’t lapsed, the beneficiaries will receive a payout.

In addition, whole life insurance offers tax benefits and has a cash value component which grows over time.  It’s suitable for those who want not only the benefits of life insurance coverage, but who also plan to use the cash value as an investment vehicle.

 

What is the downside of whole life insurance?

Compared to a term life policy, a whole life policy is more expensive and complex, in part because it’s designed to provide a death benefit that lasts a lifetime. On the other hand, a whole life insurance policy can be a powerful and highly customized asset that provides tax advantages, financial protection, and numerous guarantees and benefits. It can complement your 401k or other savings, but it’s not suitable for everyone – before buying, you need to understand how it works and what it can do, then work with a knowledgeable insurance broker or agent to ensure you get the right policy for your needs.

Why do people choose whole life insurance?

Whole life insurance builds cash value, provides permanent coverage, and can help build your family’s wealth over the long term. These policies also offer more guarantees than other types of coverage, making them an option for many people to consider.

 

Understanding Retirement Distribution: Making sure your retirement funds go to you

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“As much as 70 percent of your hard-earned retirement funds can be eaten up by income, estate and state taxes,” says IRA guru Ed Slott, author of the retirement-planning books “Fund Your Future: A Tax-Smart Savings Plan in Your 20s and 30s” and “The Retirement Savings Time Bomb … and How to Defuse

If you think saving for retirement is complicated, try figuring out how to withdraw retirement funds while minimizing taxes.

That’s money that most people would prefer to keep in their own pockets. But how exactly can it be achieved?

Follow the Rules for RMD’s

RMD stands for required minimum distribution, and once you hit age 72, you’ll have to start taking this minimum amount of money from many retirement accounts, such as a traditional IRA or 401(k) plans.
You must take RMDs annually by April 1 of the year after you turn 72 and by Dec. 31 in subsequent years. In other words, if you turn 72 in 2022, you have until April 1, 2023, to take your first RMD.
The penalty for not following the rules is severe. Failure to make on-time RMDs triggers a whopping 50 percent excise tax.

That’s true if you underpay, too. Let’s say your RMD for the year is $20,000 but you take only a $5,000 distribution because of a miscalculation. The IRS will levy the 50 percent penalty — in this case $7,500, or half of the $15,000 you failed to withdraw.
When you calculate your RMD, be aware that it will change from year to year. That’s because it’s determined by your age, life expectancy (the longer it is, the less you have to take out) and account balance, which will be the fair market value of the assets in your accounts on Dec. 31 the year before you take a distribution.

Tax breaks When You are 50 Years Old or Older

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For people over the age of 50, reaching this milestone has one advantage that is often overlooked. It is a tax incentive plan that suits you. Now you can put more into your retirement plans than when you were younger. For example, Roth or a traditional personal annuity account (IRA), will allow you to invest more. Also, your Health Savings Account (HSA) or your employer-provided plan would be on this list as well. And you can exclude other income from your tax calculation. Congress has included some of these provisions in the Economic Growth and Tax Relief Settlement Act. This act came into effect in 2002. The reason it passed congress was because of concerns that the baby boomers were not saving enough for retirement.

Congress has added other tax-saving provisions, such as larger standard deductions as well. For example, the 2017 Tax Reduction and Employment Act will allow you to catch up on savings. If you’re behind on your retirement saving, this plan allows you to add money to it. In addition, if you’re nearing or in retirement, the tax legislation permits you to pay somewhat lower taxes. You should not pass up this opportunity to enhance your retirement dollars.

Increase Your Retirement Savings Contributions

Employees who contribute to 401(k), 403(b), most 457 savings plans, and Thrift Savings Plans can now contribute more. The amount per year is up to $20,500 in 2022, from $19,500 in 2021. Employees over the age of 50 can earn an extra $6,500, bringing their total to $27,000. How do you earn extra? Both Traditional and Roth IRA contribution limits remain at $6,000 each. The catch-up payment is $1,000, which is the same as in 2021. A Savings Incentive Match Scheme for Employees (SIMPLE) plan costs $3,000 to participate in. Many people are squandering this chance, despite the fact that there are extensive catch-up provisions for individuals 55 and older. Only 15% of those people who are eligible use these great savings plans.

Boston College Center for Retirement Research’s National Retirement Risk Index, states that half of the retirees will lose their current lifestyle. Half of all American households will be unable to maintain their present quality of life once they retire. As of June 2020, half of all married and 70% of single retirees relied on Social Security benefits. Their benefits made up half of their income in retirement. The average monthly Social Security retirement payout for 2022 is anticipated to be $1,657.

Your Tax Burden Might be Reduced by Retirement Contributions

Contributing to a tax-deferred retirement plan, such as an IRA or 401(k) lowers your yearly income. It not only makes your retirement more pleasant but also lowers your income yearly taxes. Increased contributions won’t take as big a bite out of your income as you would expect. This is thanks to the tax cut. For example, if you have a 25% tax rate, and contribute to your 401K, your taxes go down. For instance, if you make $5000 a year, and contribute 5% to your 401(k), $144 would be sent to your 401(k). However, just $108 will be deducted from your biweekly income. Traditional IRA contributions are tax-deductible as long as you adhere to IRS guidelines, which include income restrictions.

MAGI Deduction Explained

Another tax qualifier is Modified Adjusted Gross Income (MAGI) in the simplest terms is your Adjusted Gross Income (AGI) plus a few items — like exempt or excluded income and certain deductions. The IRS uses your MAGI to determine your eligibility for certain deductions, credits, and retirement plans. MAGI can vary depending on the tax benefit. For example, for single and married couples, the adjustment changes. If you (or your spouse) aren’t protected by a workplace retirement plan, your IRA contributions are completely deductible. Based on MAGI, retirement plans, and yearly income determine your deductions. If you make more than $78,000, IRA deductions for individuals insured by a workplace retirement plan are no longer available. For married couples filing jointly, the deduction is no longer available after MAGI reaches $109,000.

Contributions to a Roth IRA or Roth 401(k) are made after-tax, which means you don’t get a tax advantage upfront. However, when you withdraw the funds, they are tax-free. Traditional IRAs and 401(k) s grow tax-free. Except when you start withdrawing money in retirement, you’ll have to pay taxes.

Contributing Additional Funds

Because contributing an extra $6,500 to a 401(k) may be difficult for some, Nicole Gopoian Wirick, has a suggestion. As a certified financial planner (CFP) of Prosperity Wealth Strategies, she encourages her clients to save catch-up money. To catch up, automatic payment to 401(k) is set up for each month, divided evenly over each paycheck. She claims that contributing $250 over 26 pay periods may appear more feasible to people. Clark Randall, a CFP at Financial Enlightenment advises his customers to reassess their budgets. This helps to boost their monthly retirement payments throughout the year. These 401(k) payments are budgeted in the same way as any other.

Discipline and compromise are required. If you still want to catch up with your traditional IRA or Roth IRA payments, you have time. The deadline is April 15th, unless you request an extension. However, most investment plans are by calendar year, so you should invest by the end of the year.

You can Start Your RMDs at 72

A required minimum distribution (RMD) is a specific amount of money a retiree must withdraw from a tax-deferred account. The RMD is a yearly amount that must be withdrawn each year after age 72. While the owner is still living, Roth IRAs do not demand distributions. Consider giving the RMD to a charity if you don’t need it. You won’t have to pay income tax on your RMD if given to a charity. You must give it straight from your retirement account to an eligible charity for up to $100,000.

Keep Your HSA in Mind

If your company provides a health savings account (HSA), take advantage of it. Even if you don’t itemize, the IRS permits you to deduct contributions to your retirement account. The contributions must come from your gross income, and employer contributions are also exempt. There is no tax on any earnings. Taxpayers will not be taxed on their distributions if they use them for eligible medical costs. These costs include everything from ambulance trips to X-rays. You can even take the account with you to new employment and spend the money in retirement. You can contribute up to $3,650 if you have individual coverage. And up to $7,300 if you have family coverage in 2022. If you turn 55 during the year, you will be eligible for a $1,000 bonus. However, any money given by your company that is not included in your income reduces your contribution limit.

When You Reach the Age of 65, You Earn a Larger Standard Deduction

With age, the standard deduction improves, lowering your taxable income. Married couples will receive a standard deduction of $25,100 in 2022. This deduction is an increase of $300 from the 2020 tax year. The standard deduction for single and married persons filing separately has increased by $150 to $12,550. If you are 65 or older and a single taxpayer in 2021 and 2022, you will receive an additional deduction. This deduction will be $1,700 (single) or $1750 (married) standard deduction.

File jointly if you’re married. If only one individual is 65 or older, the additional standard deduction is $1,350 for the year. The standard deduction rises by $2,700 if both spouses are 65 or older. The additional deduction is doubled for taxpayers who are both 65 and blind. The larger standard deduction has only one disadvantage for some taxpayers: it raises the threshold for itemizing deductions.

If your deductions aren’t greater than the standard deduction, itemizing doesn’t make sense. Regardless, a deduction is a deduction, and earning a higher standard deduction is a reason to rejoice. Bonus: If you’re 65 or older with a simple return, the new simplified Form 1040-SR for seniors is available. There are spaces to input items like Social Security income and retirement payouts. In addition, there’s a useful chart that illustrates basic deductions for people who still do their taxes on paper. Take advantage of your charitable deduction before it expires.

Itemization vs. Deductions

Many people can no longer itemize their deductions because the standard deduction is so large. Itemizing makes little sense if the standard deduction gives you more bang for your buck. However, for 2021, a person filing a single return can deduct $300 in cash gifts to qualifying charities. The cost of filing jointly is $600. This deduction is available if you use the standard deduction rather than itemizing. You might want to wipe your eyes when making this deduction: It will be phased out in the future.

How to Take Your Retirement to the Next Level

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Your retirement lifestyle can be as unique as you want it to be. Your retirement lifestyle should make you happy and keep you healthy.  However, it all depends on planning early in life so that you can appreciate the benefits of your hard word later in life.

So, consider how you want to live as a retiree. And how you want to manage your retirement funds. In your older years, what sort of lifestyle would fit you? What are your plans for retirement? Do you want to follow the crowd, or do you want to forge your own path? Do you want to unwind, or do you want to be as busy as possible? You should know these answers now because there are many more questions to be answered.

Of course, your retirement plans should aim to provide financial stability. Along with having financial stability, you should strive for physical and emotional well-being as well. You can, for example, spend time with the grandkids and just enjoy being a grandparent. Or if you want you can start a new job. Perhaps consulting or selling your crafts might be a good fit for retirement. Alternatively, you may simply enjoy yourself by hitting the golf course or laying a blanket on the beach. Some retirees like gardening, going to the racetrack, or home improvement projects. Also, traveling for fun or to see the family. Others may find volunteering or returning to school to be very fulfilling.

Reasons to Start Preparing for Retirement

Being financially secure makes most things in life a lot easier. Retirement planning ensures financial security for the rest of your life, regardless of work. Below are some reasons why retirement planning remains so important.

Self-reliance 

No one wants to be a financial burden to their families as they get older. It can also be emotionally draining to be financially reliant on someone else. Retirement planning enables you to live well without relying on family members. Some people view retirement as a time to accomplish life aspirations. The ones that had been put on hold because of more important life obligations. Such fantasies might easily come true if you invest time and effort into retirement preparation.

Expectancy

You might not know it right now, but life after retirement turns out to be a long one. For example, if someone retires at the age of 60, they will manage their post-retirement investment for many years. Because the typical life expectancy of 70-75 years, that could be 15 years. Therefore, preparing for retirement at the appropriate age is so important.

Medical treatment

The ever-increasing expense of medical treatment must be a factor in your retirement strategy. A medical emergency can quickly deplete a person’s funds. Furthermore, as people become older, they become more prone to ailments. To cover such costs and obtain high-quality medical care when needed, retirement planning is critical.

Tax Relief

Every person who earns money aspires to minimize their tax burden and increase their savings. Federal, State and local governments offers tax incentives on a variety of financial products, which you might factor into your retirement planning. It’s a smart method to plan for the future while still saving money in the now.

Peace of Mind

Your peace of mind is priceless. The burden of managing money to satisfy long and short-term obligations may be worrisome and in some cases lead to health problems like hypertension and other unpleasant ailments. It is necessary to protect oneself against such issues as you become older.

Retirement planning is an excellent way to ensure a long, happy, and healthy life.

Start saving now and maintain saving until you reach your goals.

Keep saving if you’re already doing so, whether it’s for retirement or anything else. You already know that saving money is a good habit. It’s time to begin saving if you haven’t done so previously. Start small, and gradually raise your monthly savings. The earlier you begin saving, the more time you have to build your money. Make retirement planning a top concern. Make a strategy, adhere to it, and create goals for yourself. It’s important to keep in mind that it’ll never be too early or too late to begin saving.

Find out about your Social Security advantages.

For retirement recipients, Social Security retirement payments typically replace 40% of pre-retirement income. You can check with the Social Security Administration to see what your predicted pay would be.

Understand your retirement needs.

It is costly to retire. Experts predict that after you quit working, you’ll need 70 to 90 percent of your pre-retirement income to maintain your quality of life. Take command of your financial destiny. A secure retirement can only happen if you plan correctly.

Find out about your company’s pension plan.

Find out if you are supported by your employer’s traditional pension system and understand how it operates. To find out how much your benefits are worth, ask for an individual benefit statement. Also, before changing jobs, find out what happens to your pension benefit. Determine whether you have any perks that are an important part of your strategy. Check to see if you’ll be eligible for benefits under your spouse’s plan. If you find out you will only need to stay a few more months for a complete benefits package, and the ability to take that money with you, you might try to stay a bit longer before moving-on.

Consider the fundamentals of investing.

Saving the right way turns out to be just as essential as saving the right amount. Inflation and the type of investments you make have a big impact on your retirement. Thus, how much money you have saved when you retire, will make a difference in your lifestyle. Make sure you understand how your retirement funds or pension plan are invested. Ask questions about the investing alternatives available.

Put your money into a variety of assets. You are more likely to decrease risk and increase return by diversifying your investments. Your investment mix may shift over time because of a variety of factors such as your age, ambitions, and financial situation. The two go hand in hand: economic security and education.

Do not touch your retirement funds.

You will lose principal and interest if you take your retirement funds early. You may also forfeit tax advantages and be subject to withdrawal penalties. If you change jobs, keep your retirement funds in your existing plan, and transfer them to an IRA, or your new employer’s plan.

Request that your employer initiate a plan for you.

If your company does not have a retirement plan, consider requesting that one be created. There are several possibilities for saving plans. Your company may be able to put up a streamlined plan that will benefit both you and them.

Contribute to your employer’s retirement plan.

Sign up for a retirement savings plan offered by your work. An example would be a 401(k) and contribute as much as you can. Taxes will be cheaper. Also, your employer may contribute more, and automated deductions will make it easy. Compound interest and tax deferrals add up to a significant difference in the amount you will save over time.

Learn as much as you can about the plan. For example, how much would you have to pay in and how long would it take to be vested. Some employers have a certain percentage that you need to contribute to qualify for matching funds. Also, some require you to be employed for a certain period to qualify for those matching funds. Sometimes they also have a certain time of employment, like 90 days, to start matching your contributions. Take all of these qualifying conditions into consideration to make sure you’re getting the most “free money” you can.

Contribute to a 401(k) plan.

Individual Retirement Accounts (IRAs) allow you to contribute up to $5,000 each year. And if you’re 50 or older, you may contribute even more. You might begin with a small amount of money to get started. Then you can increase the amounts over time or when you get a pay increase. Tax advantages are also available through IRAs. A traditional IRA or a Roth IRA are the two types of IRAs that you can open.

The IRA option you choose will determine the tax status of your donations and withdrawals. Inflation and the type of IRA you pick will also affect the value of your payout after taxes. IRAs are a great method to save money quickly. You can have an amount automatically taken from your checking or savings account. This way a monthly amount can be placed directly into your IRA.

Why build a retirement Plan

In conclusion, making a retirement plan provides a road to financial stability for retirement. It will also help you feel prepared as you begin to plan for life when you leave employment. Regardless of when you begin to contribute, the potential to build wealth for yourself and your family will pay off.

Likewise, remember that each person’s retirement objectives and consequently their retirement plan rests on their planning. Examine your requirements and goals to create a plan. This plan will be tailored to you and help you feel secure about your financial well-being as you approach retirement.

 

How to be Financially Stable

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We’ve all heard the saying that money doesn’t grow on trees, right? It could never be more true than when you’re financially independent. As you get older and approach retirement age, you realize just how much it remains true throughout your adult life. Financial stability is one of the most important things that you keep in your life because you’re at an immediate disadvantage without it.

It’s hard to pinpoint an exact meaning of what financial security is because everyone’s situation – and their idea of it – is different. However, in a nutshell, to be financially stable is to have enough money to cover the bills, with extra to go into savings or specialized funds.

At The Best Senior Services, we want to help you achieve financial stability because your success doesn’t just help you — it helps your family, too. This article will continue to help you understand why your financial stability is important, what it doesn’t represent, and how you can achieve it, so that you can help yourself and those you love.

Let’s begin with why you should be mindful of your money and income.

Reasons to be financially secure

It’s easy to tell someone to do something, but he or she won’t do it without a reasonable explanation. You need to prioritize your financial stability for multiple reasons. The first reason is because it holds you accountable. Accountability is what pays the bills and creates a happy home life.

A separate — but equally as important — reason for why you need to be mindful about your finances is that it also reduces your stress. Many seniors are dealing with separate health issues, and the added stress of having your finances at risk could be crippling. Be mindful of what you’re spending your money on, and where.

Another reason to consider is how being financially stable is the way in which you can pay off any outstanding debts you may have. The sooner you are debt-free, the more in control you are of your expenses.

Let’s get into what financial stability doesn’t look like.

What it isn’t

Being financially stable doesn’t mean you have a lot of money in the bank. Think of the common case of the musician or actor, who typically makes a couple of million dollars a year, filing for bankruptcy. These are examples of people who aren’t mindful of what they’re spending and, as a result, are digging themselves into a hole they can’t get out of.

Anyone who spends more money than he or she makes is, unfortunately, not financially stable.

Now that you have a better understanding of what financial stabilities is not, it’s time to learn just how you can achieve it.

Achieving financial stability

First and foremost, don’t share your information with anyone. You work hard for what you’ve earned, so you don’t want to lose it all in an instant by giving someone access to it. Most of the time, strangers will cold-call you or approach you online seeking “help.” This is an attempt to steal your financial information for their gain, so it’s important not to fall for it.

Other ways to secure your finances include:

  • Budget. No one is too old, young, rich, or poor to budget. In fact, a little budgeting can go a long way. The overall reason for having a budget is so that you have a better understanding of where your money is going. Determine what you’re spending the bulk of your income on, and figure how much of your check you want to spend on it. Budgeting will help you slow down the amount you’re spending so that you’re not pulling strings to get yourself through a sudden emergency.
  • Save for emergencies. Speaking of emergencies, well… they happen, regardless of how much we hope for otherwise. Emergencies can come in multiple forms: medical, family, natural disasters, workplace and more, so it’s important you’re ready when the next emergency hits. Prepare for this by having a fund that you can tap into the next time disaster strikes and you need to stay at a hotel, or you have to make a sudden flight across country to be with your family. This fund will stop putting stress on your other accounts and helps ease any scrambling on your part to reallocate your funds.
  • Live below your means. This is something many of us might have heard all throughout our lives, but it’s true, and it feeds into helping with your emergency fund. If you’re unfamiliar with the phrase “to live below your means,” it’s essentially another way to say spend your money only on necessities. When you live “below your means,” you’re prepared for when something unexpectedly happens and you need to tend to it immediately. It may not necessarily mean it’s an emergency, but if your air conditioning goes out during the summer, and you happen to live in Arizona, you’re going to want to get that fixed. If you live above your means, then you are constantly going to be catching up to pay for everything. If you live at your means, then you won’t have the money to pay for an emergency.
  • Don’t save your payment information online. Sometimes, when you buy something online, the website will offer to keep your card on file so that you won’t have to re-fill the information whenever you make your next purchase. Try to avoid doing this, as this will make it easier for hackers to steal your information. It also stops you from mindlessly purchasing something that you may not need, which will save you money in the long run.
  • Make a habit out of using cash. Cash is a fast way to realize how much you’re spending. When you pay with a credit card or a debit card, you don’t realize how quickly your money goes because you don’t really have to look at the balance you have remaining. When you use cash, you’re doing a better job of limiting how much you’re spending because you have to try to make it through with what you have.
  • Talk with your loved ones. Speaking to the loved ones you trust about your current financial status will allow them to give you advice and support about how you can further your financial stability. Getting encouragement from those you love is something The Best Senior Services will always recommend, because we want you to do what is best for you.

Achieving financial stability is definitely easier said than done. However, it’s much simpler than you might think. Once you nail down how to budget and why you need to stop spending so much money on fluff things, becoming more stable with your finances can become like second nature. That doesn’t mean you only need to put in a minimal amount of effort, though. It takes years of hard work and accountability on your end. But as you’re working toward it, it’s rewarding to see your mounting success and how your efforts are paying off.

If you need any assistance with getting your financial stability back on track, we want to help. You can visit our website or call us today to get started.

How Should You Stay Healthy?

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If you’re independent, it’s hard to admit that you need help every once in a while. And unfortunately, as you get older, it gradually gets harder to remain completely self-sufficient. But that doesn’t mean you don’t want to continue to be able to do things for yourself. Surely there has to be a way to slow down the aging process, right? Absolutely! A way to ensure you can still be active and take care of yourself is to adopt a healthier lifestyle, which is something that everyone at every age should be doing. Aside from independence, benefits of living a healthy and active lifestyle for seniors include:

 

  • More energy
  • A social lifestyle
  • Mental sharpness
  • Disease prevention
  • Decreased risk of falls/injuries

 

So, what exactly is a healthy lifestyle? When you think about it, the term itself seems vague and unpromising. And usually, when something is vague, we associate it as a negative thing. However, this can be a good thing. If there is a broad term with no clear meaning, then it becomes your chance to define it and apply it to your life. In other words, a “healthy lifestyle” can be translated into an improved lifestyle that molds into your life.

 

That may sound great, but what are some examples of how to lead a healthier lifestyle? How can you start if you don’t even know which way to turn? Well, examples of a this includes:

  • A healthier diet
  • Exercise
  • Brain training
  • Adopting new hobbies
  • Dropping bad habits

 

And most of these are a lot easier than you might initially think. So let’s get into how you can incorporate each of these into your everyday routine.

 

A healthier diet

Take a moment to write out what you typically eat in a week. What do you eat for breakfast, lunch and dinner? Do you snack between meals, or replace meals with snacks? Do you eat dessert? What do you typically drink throughout the week, and how often?

 

Addressing these questions is important because it forces you to look at the bigger picture of your typical diet. Maybe you eat a lot of meat, or not enough. Maybe you only get around to drinking a bottle’s worth of water every day, or there are days where you skip water altogether and favor iced tea or soda.

 

Once you write out what your diet tends to look like, it’s time to figure out what you’re wanting to improve. Is your goal to lose weight, reduce your sodium intake or increase your energy? Identify a goal before you can start creating a list of strategies and tactics.

 

Now comes the fun part: planning your meals. Compare what you’re eating with healthier options. If you enjoy red meat, like beef or pork, try switching to white meats, like chicken or turkey. If you’re not already, try incorporating fish into a meal, like Atlantic salmon. Ensure you’re getting a healthy balance of grains, greens and starches on the side, too.

 

Examples of these include:

  • Grain:
    • Rice
    • Oatmeal
    • Pasta
  • Greens:
    • Broccoli
    • Kale
    • Lettuce
  • Starches:
    • Potatoes
    • Corn
    • Bread

 

Eating a healthier diet will help you retain energy and promotes healthy aging, which is something you definitely don’t want to pass up.

 

Exercise

 

Many seniors believe they are well past their years of exercising. However, for a majority of seniors, this is not true. There are plenty of low-impact exercise routines that seniors can do at a great benefit. These exercises include walks, swimming, cycling and Pickleball.

 

Here are the benefits that each of these workouts give to seniors:

  • Walks. Walking may be the best form of exercise among seniors because there are a lot of advantages for seniors to go on walks. First and foremost, it does wonders for your health. Walking not only improves your heart health, but it also lowers your blood sugar. High blood sugar could leave to dizziness, trouble breathing, extreme thirst and more, which makes it all the more important to do what you can to lower it.Other benefits to walking include its ease on joints and low risk for injury. The tissue around your joints gets thicker as you age, which makes it harder for your joints’ ability to move in varying ranges, and your cartilage begins to thin out. That’s why it’s important to find an exercise that has low impact on your joints, like walking.
  • Swimming. Speaking of low-impact exercises, swimming is a perfect example of one. The water in the pool, lake or ocean that you swim in makes for the impact on your joints to be low. It also means that you don’t realize how hard you’re working out because you don’t feel it.Swimming is also great for helping you strengthen stability and lower your risk of falling. This is because you are helping establish yourself against any waves or currents, which is harder to do in the water than it is when you are on land.
  • Cycling. Seniors who regularly participate in cycling exercises are stronger overall, whether it be in other physical activities or in everyday life. Cycling is also a great relaxation sport that builds your stamina, especially among seniors who cycle on both flat land and bumpy terrains. This is because cycling requires your entire body to work, not just your legs.Additionally, cycling promotes a better mental health, too, which will leave you in overall better moods.
  • Pickleball. Pickleball is a sport that mixes in elements of badminton, tennis and table tennis. It’s an increasingly popular sport, especially among seniors. In fact, there is a restaurant in some states that allows guests to play pickleball while they are eating.

Pickleball is a great way to quickly burn calories and strengthen your agility. It’s also a great sport for anyone who is recovering from an injury to get some cardio. NPR released a report that anyone who plays pickleball is burning 40% more calories than they would just by walking.

 

There is a Pickleball website available for anyone who is interested in getting started with the sport. It provides an in-depth lesson of how to play the sport and tells you where in your local area you can play the game. Luckily, it’s easy for everyone to pickup and offers a lot of fun.

 

Be more active

 

There are things you can do that promote healthy living outside of eating habits and exercise, including being more active. If you’re able to, opt for taking the stairs over the elevator. Or try the traditional form of shopping by visiting stores as opposed to shopping online. These are the little things that you can do to ensure you age in a healthy fashion.

 

You can also be more active by tapping into your creative side. Get more into art or cooking if these are somethings that you enjoy doing.

 

Prioritize mental health

 

One of the most important things for your overall health is to focus on your emotional and mental wellbeing. There are multiple ways in which you can strengthen your mental health by investing more time with your loved ones and your hobbies, as well as trying new things, like visiting your local senior center.

 

Another thing you can do is get a pet. Pets are great ways to relieve stress and let your fun side out. Different pets have different strengths, whether it be cats, dogs or fish. For example, dogs are great companions to help you deal with a crisis. Cats are great companions for those who are looking for a pet that is low maintenance. Make sure to do your research so that you know what kind of pet is best for you, as well as manageable. Analyze the pros and cons of each type of pet and see how you it would mesh into your family. One way you can do this is ease into it by fostering shelter animals for a few days at a time. This helps you understand what your strengths and weaknesses as a pet owner are, and what pet is best for you.

 

It’s also necessary to talk to your friends and family about how you are feeling and, if applicable, talk to a professional. Always prioritize your mental health so that in most situations you’re in, you’re still feeling your best.

 

Everyone needs to be healthy, regardless of age. There are a lot of hobbies, foods and exercises that are out there. Do what you can to be healthy and at the top of your game. Visit The Best Senior Services (TBSS) for more information about ways you can be at your best during your retirement years. TBSS specializes in education seniors about Medicare and other financial services so that you can spend less time worrying about retirement and more time enjoying it. You can get started by visiting our website or calling us at 855-979-8277 today.

 

When Should I Write a Will?

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Most people do not consider writing a will or testament unless they are directly concerned about the loss of their lives or have been diagnosed with a terminal illness. However, there are many reasons why you should write a testamentary will well before you are advanced in years or diagnosed with a serious illness. Consider the guide below for information on the process of writing a will.

Signs That You Should Write Your Will

Listed below are the most significant reasons to write a will, regardless of your age or health. Remember that, while no one plans to pass away, not planning a will can make it complicated for your spouse, children, and family to manage what has been left behind.

  1. You Have Children and/or Grandchildren. You should include instructions regarding what money, items, or other accounts from your estate will go toward benefitting your children or grandchildren. If you are the legal guardian of any child under the age of 18, you should leave behind legal instructions for who gets guardianship over him or her in the event of your death.
  2. You Have a Spouse. If you have a spouse, you should write a will. This ensures that your spouse will be guaranteed to receive their due from your estate. This is especially important if you have a spouse and children, as your spouse will be financially responsible for your children on their own in the event of your death.
  3. You Have a Trust or Inheritance. If you have any type of inheritance, even if it is still in a trust, you will need to write a will. This ensures that your inheritance goes to a particular person or group of your choice in the event of your death. This can be written as a testamentary trust.
  4. You Want to Leave Specific Items to Specific People. If you have anything that you want to leave to a certain person or group, such as a charity or foundation, then you should write a will to ensure everything will be in legal order after your death. It is common for familial conflicts to occur over who gets what assets in the event of a death. If you want to give an individual or group something specific, a will is the best way to accomplish that goal.

What happens if you do not write a will before your death?

If you do not write a will before your death, your estate will be handled according to state laws. This will vary from state to state, but the state law may not line up with your intentions for the money, objects, and estate that you leave behind. This is why it is important to write a will if you have any specific intentions for your estate, or if any number of your family members will be relying on your estate in the event of your death.
If you are not sure when you should write a will, keep the above guidelines in mind.

How to Begin the Process

Before we begin listing the steps of the process, there is one vital thing you need to do first before you do anything else. This key step is finding an attorney or program that will guide you through the steps necessary to write your will. Different steps will need to be taken depending on your financial and familial situation to tailor your will to your needs.

Without an attorney present, you can mistakenly create a will without understanding some of your state’s guidelines, which could heavily complicate the process when you pass away. Or, if you don’t utilize the correct legal terms and language, it could be deemed invalid.

Although it may be nerve-wracking to have an attorney present, you will be helping yourself and your beneficiaries by drafting one.

  1. Choose a Beneficiary: Your beneficiary could be anyone from a spouse to a family member, friend, institution or organization. You can also have multiple beneficiaries if you wish to distribute your assets between certain individuals. This shows that you truly have free reign as to who you would like your beneficiary to be and how you can distribute your funds. If you have children, it may be smart to delegate them to be beneficiaries, especially if they have children of their own. For example, if you state that you would like your grandchildren to use your life insurance benefit toward their education should you pass away before they turn 18, your children could be excellent beneficiaries. This is because they will be able to handle and distribute the funds properly.
  2. Choose an Executor: An executor is the person in charge of distributing your assets according to the guidelines listed in your will. This person should be extremely trustworthy, as they will have a certain amount of power over your assets until they are distributed fully. Ensure your executor is available and willing to serve this role to its fullest capacity. This means it’s ideal to have someone within a close proximity to you, and someone who has experience with taking inventory of estates as well as handling funds and assets. You do not have to select a friend or family member to be an executor. However, if you select a third-party executor, you will have to be prepared to pay fees. The fees will be set by your estate and can vary in prices.
  3. Allocate your Estate, Be Specific: Once you begin to make decisions about which family member will receive which items or funds after your death, it is recommended to be as specific as possible to avoid later conflict. It is important to predict how each family member might respond to the situation you describe in your will. For example, if you have four children, and you state that all of your assets should be distributed equally between them, but one child insists on keeping one valuable item to themselves, conflict may arise.  Although it may be difficult to decide which family members receive which items, it is likely that your family will benefit from those choices in the future.
  4. Attach an Explanatory Letter: This is a step that is fairly self-explanatory, so we won’t spend too much of your time going over it. What you need to know is that an explanatory letter can serve as a way to comfort your family members and explain the conditions listed in your will. If you want to give a special item to a certain family member, there is no doubt that having a written explanation of your gift to them will be valuable. You want your family to be on the same page as you, which is another reason why you’ll want to include an explanatory letter.
  5. Sign Your Will: In many cases, states will require one or more witnesses during the signing of your will. Without witnesses or a notary of some sort, it’s possible that your will is going to be deemed invalid by the state government. Check with a lawyer or professional who specializes in assembling wills and testaments to find your state’s requirements.

Summary

It is important to plan for the future. Writing a will can be an emotionally draining and difficult process, but the peace of mind that comes with knowing your family will not have to distribute your estate is worth the effort. The Best Senior Services (TBSS) recommends enlisting professional help for the creation of a will, especially if you have many assets to balance and distribute.

If you need more help in understanding when the best time to write a will is, you’ve found the right place at TBSS. We educate and inform seniors about topics surrounding retirement so that they can spend less time worrying about their retirement years and more time enjoying it. Additionally, we connect seniors with local licensed agents who will help answer any outstanding questions.

Visit our website or call us at 877-979-8255 to get started today

What Do People Think About Annuities?

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If you are familiar with annuities, you’ve probably heard about what people have to say about them. Many people have mixed opinions about annuities, which can be expected. Annuities are like any other financial plan because they have advantages and disadvantages. Each person is affected by annuities in a different way, so it’s important that you understand how they can affect you before jumping to any conclusions about whether they’re inherently good or bad. And, luckily for you, a great place to start is with The Best Senior Services.

 

In this article, we are going to explain the pros and the cons about some of the available annuity plans, and how they could affect you.

 

What are annuities?

Annuities are best described as an amount of money that goes to you over a period of time. They are typically linked to life insurance policies, and they can be seen as the “savings accounts” within those policies. In fact, just about everywhere you look to learn more about annuities will tell you that it’s a contract between the annuitant (you) and the insurance company. And the websites/videos that tell you this are right: this is a way you should be thinking about it.

 

There are two types of annuities that we will be covering in this article today: fixed and variable. There are multiple types of annuities that exist, such as indexed, immediate, deferred and more, but for brevity’s sake, we will only be focusing on fixed and variable.

  • Fixed: Fixed annuities are in play when your insurance company invests your funds and provides you with a payout in a fixed amount. This fixed amount is like a Certificate of Deposit (CD). Fixed annuities are also designed to protect you from losses. The reason why they are called “fixed” is because there are fixed rates of return that are based upon your interest rate. Your interest rate can be changed once you reach the end of your pre-determined period.
  • Variable: Variable annuities are different from fixed annuities and need to be approached as such. First, you are able to decide how these funds are invested, rather than your insurance company. The returns you receive will depend upon the performance of the investments that you choose, so it can become a risky game. Variable annuities are also intended to fund your retirement, so as a result, these annuities should not be used for any short-term financial goals you or your loved ones may have. 

 

Why people don’t like annuities

A lot of it comes down to the fact that people are misled about annuities, and don’t understand the full picture of them when they purchase a plan. And although we are only discussing fixed and variable annuities, there are other annuity plans people don’t recommend, like immediate annuities.

 

Are there any positives to annuities?

The short answer to this question is: Yes, of course! there are advantages to having an annuity plan, regardless of what you have. There are even benefits to variable annuities, the plan that you may be warned about the most.

 

Below are some of the advantages that come with fixed annuities:

 

  • You have a strong return that is guaranteed to you. This is because the money you are investing will be accumulating. This is something your insurance agent/broker should be disclosing to you, so that you understand what you will be receiving out of this plan.
  • Investment minimums are low. In order to fund a fixed annuity plan, you have to have to begin by investing a certain amount of money. Luckily, for a fixed annuity, it isn’t expensive to do so. You only need $1,000 to get started.
  • The money earned will be tax-deferred. This can be both an advantage and disadvantage. Whatever is accumulating within your fixed annuity will not be taxed. However, if you decide to take out distributions of it, you will be taxed.
  • You have the option to annuitize. Your fixed annuity can later be used to become a sort of retirement income for you and your spouse if that is the direction you would like it to go. Unfortunately, a lot of people are unaware of this deal, so it goes unused by many.

 

Below are some of the advantages that come with variable annuities:

  • You have the ability to choose what you will be investing in. This one speaks for itself, so if you want more freedom over what your funds will be investing toward, this may seem like a major bonus.
  • There is an unlimited number of contributions that can be put into your variable annuity. The same could not be said for other retirement accounts that may be suggested for you, so this is a really nice feature.
  • Like a fixed annuity, the money earned will be tax-deferred. When your annuity is in its growing phase, you will not be taxed on it. That is, unless you begin to take out distributions. In that case, your rate could possibly be higher than other investment distributions. However, as long as you are not taking out distributions, you are able to re-assign that money within that fund. And you can do that without having to be taxed, too.
  • There is an included death benefit. This benefit will go to your heirs. Whenever you pass away, your heirs will have two options for how they will want to receive the money. The first option is to be given the amount that you have previously paid into the annuity. The second option is to be paid what the annuity is valued at at the time of your passing.

 

How annuities can affect YOU

Those who collect annuities do it for a few reasons. A common reason is the fact that they want some form of guaranteed income for either the remainder of their lives or just a set amount of time. Another reason can include the fact that they simply just want a return on their investments. Each reason is valid as to why someone would be interested in an annuity.

 

However, it’s important that you understand the risks of annuities and how you and/or your loved ones can be affected by them. Annuities may seem glamorous, but you need to remember that these are products of insurance, meaning you won’t own anything that you’ve just purchased, unless you want to consider your contract as something. And when the money is returned to you, it means that you’re getting back what you’ve already paid them, so you’re not earning anything out of this. Not only that, but the amount that is returned is stretched out over a long period of time, so you have to wait throughout that period to receive your money back.

 

Below are some of the ways that fixed annuities can negatively impact you and/or your loved ones:

  • There is a penalty for early withdrawals. This may not come as a surprise, because you will also receive penalty fees from taking early withdrawals from your 401(k) or IRA accounts. Similar to your IRA, if you pull from your fixed annuity account before you reach 59 ½, you will incur a 10% penalty fee.
  • They are not insured by the FDIC. If a service is covered by the FDIC, then that means the depositor (in this case, you), is insured up to $250,000 in the event of bank failure. And, according to FDIC.gov, it “does not insure nondeposit investment products, even if they were purchased from an insured bank, including annuities, mutual funds, stocks, bonds, government securities, municipal securities, U.S. Treasury securities.” In addition, safe deposit boxes and robberies/other thefts are not insured by the FDIC.
  • Limited liquidity. When you agree to a fixed annuity plan, you are agreeing that the funds will either be distributed over a certain number of payments, or a pre-determined deferral period. This circles back to the penalty of withdrawals, as it reiterates how important it is that you do not take out, or move around, money within these funds.

 

Below are some of the ways that variable annuities can negatively impact you and/or your loved ones:

 

  • They are extremely expensive. In fact, they’re so expensive, that they are considered one of the most expensive financial products available. One of the first things to make it costly are the fees. These fees are mutual fund subaccount management fees, contract maintenance fees, and mortality and expense fees. These will basically replace the tax that you’re deferring, and that can quickly become burdensome for someone who wasn’t expecting it.
  • Other investments are more liquid than variable annuities. If you decide that you no longer want to participate in your variable annuity, you better hope that at least seven years has passed.
  • There is high risk associated. One of the benefits associated with variable annuities is that you are able to choose what you are investing in. However, because you are choosing where your investment funds are going, your returns are based on the investment portfolio’s success. Typically, people seek risks. But when it comes to your finances, it’s worth considering whether it would be better to be playing it safe. One way you can play it safe is by purchasing a rider who will maintain the gains you’ve earned after a certain date. Some even offer that you will get some sort of payment regardless of the portfolio’s success.

 

Our advice

Annuities are a really complex service to grasp, so it’s not surprising to hear that many feel as though they weren’t given the full story when signing up for a plan. However, that doesn’t have to be the case. If you or a loved one is considering getting an annuity plan, you have every right to do so.

 

Make sure you understand what all is entailed within the annuity you are looking into. Like we disclosed: there are multiple different annuities that you can invest in, and we only covered a few of them in this article. Our advice is to talk with a licensed agent, or a financial specialist, about whether an annuity is the best plan for you.

At The Best Senior Services, we want to make sure that you are speaking with someone who prioritizes your financial needs. That’s why we dedicate ourselves to educating seniors about Medicare and other financial services. If you are interested in being connected with a local, licensed agent, visit our website or call us at 855.979.8277 today.

How to Reduce Your Life Insurance Premiums

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Although a life insurance plan is essential for your loved ones to be able to manage financially if something happens to you, the costs can be expensive and difficult to manage. Luckily, there are ways to reduce the cost of your life insurance premiums while still having the protection you need. The best way to start saving on your life insurance is to shop around for a policy. Premiums, as well as what is excluded from the policy, can vary greatly from company to company.

Make an estimate

Insurance is often confusing and many of the exclusions within policies are hidden. But it’s essential to know the exclusions before the policy needs to be claimed. If you don’t know them, you fall risk to paying premiums that you’re unable to claim. A specialist broker can do this for you. The amount of insurance you need will have to be considered. If you take too much, you will be paying more than necessary, but, if you don’t cover yourself for enough, your loved ones could lose out when it comes to claiming. In order to determine the correct amount, you should ask yourself how much money your loved ones would need in order to cover immediate expenses. Then, determine how much income your loved ones would need in order to sustain the household. This should give you a good starting point as to how much to insure your life.

Get help from a specialist

The next step in reducing your life insurance premiums is to seek help from a specialist. There are a couple of options you have when starting your search. The first option is to seek help from an independent life insurance broker who works closely with multiple insurance agencies. This broker will provide you with objective information and suggest quotes among the agencies. The broker will consider your needs before searching throughout different agencies to find your best deal. The second option is to seek an insurance agent who represents a single insurance company. This agent will have in-depth knowledge of the pricing and services that is within his or her company. Your third option is to visit The Best Senior Services (TBSS). At TBSS, we specialize in educating seniors about Medicare and other financial services because we care. We also connect seniors and their loved ones to local licensed agents who will discuss the options that are best for them.

Think about which option will suit you and your loved ones best and seek help with them toward reducing your life insurance premium.

Make some lifestyle changes

There are many benefits to leading a healthy lifestyle. Perhaps the most obvious benefit is that we look great and feel better. It also saves money on the cost of your life insurance. A great way to keep your insurance cost to a minimum is to keep yourself fit and healthy. This includes the basics: drink more water, eat healthier, cut back on your smoking and/or drinking and increase your exercise time. The reason a healthy lifestyle reduces the cost of your life insurance is because you are lowering your risk of getting some of the medical conditions that would raise your life insurance premiums. Some of these conditions include heart disease, obesity and heart disease. Think about it this way: when you lead a healthy lifestyle, you lower the risk of getting sick. So, when you apply for life insurance, you’ll present yourself as a low risk for the insurance company, which ultimately lowers your premium.

Doing this presents a win-win scenario for you. Not only are you healthier, but you’re also spending less on your life insurance premiums!

Personalization

Certain conditions could mean that you would be better off going with a specialist insurer. This is because an insurer who specializes in certain conditions could save you money on your premium. If you and your partner are both looking to be insured, then taking out a combined policy could save you money on individual premium costs. This is also known as bundling. Bundling occurs when you purchase multiple policies from the same insurance provider. Insurance companies will offer discounts when you purchase more than one policy from them so, in the long run, you will be able to save more money than if you had different plans with differing companies. However. each person — or each couple — will have differing preferences when it comes to his or her premiums. That’s why it’s helpful to seek advice from a specialist who can help you personalize your premiums, so that you can determine what is best for you and your loved ones.

Utilize online resources

Sometimes, all it takes is an internet search to find great resources. These resources will give you tips on reducing your life insurance premium while also pointing you in the direction of an agency or an independent broker that is tailored to your needs. Not only that, but this is a convenient way of doing research. You are doing it on your own time, and you can get answers to the specific questions you are asking.

Ask for a reexamination if your health improves

Now that you’re aware of the fact that an improved health will reduce the cost of your life insurance premium, it’s important to be reexamined when you’re able to achieve that. It’s also important to note that different insurers will have differing policies in regard to your change. This means you may have to take a health exam. It could also mean your insurance agency will seek out updated medical records from your doctor. Whatever the case, it’s important to start making phone calls to see what is required so that you get to pay less on your premium.

Why this is important

Life insurance premiums can become costly based on what your needs are. Knowing you can reduce these costs is important. This is because there aren’t a lot of insurance premiums out there in which you can work toward lowering the payment costs. And doing what is needed to reduce the amount you own on your life insurance will allow you to focus on the things that you really care about, like your friends, family, passions, and hobbies

 

There are multiple ways in which you can lower the cost of your life insurance premium. It starts with evaluating what you have and researching ways to get started on saving. It’s important to at least consider taking the steps on how to reduce your premium costs, so that you’re benefitting yourself – and your loved ones – in the event that something happens to you. Once you begin to take these necessary steps to save on your premium, you’ll be glad you did.

If you have any other questions about your life insurance premiums, The Best Senior Services are here to help. You can get started today by visiting TBSS online or calling us at 855-979-8227.

Why Do I Need Mortgage Protection Insurance?

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Many people think spontaneity is the beauty of life. Little surprises will boost their day and uplift their mood. But sometimes, surprises can come in devastating forms that unfortunately, you can’t plan for.  If you find yourself in a position where you are no longer able to work, you’ll likely be in a position where you need some sort of relief. And this relief can come in the form of mortgage protection insurance (MPI).

In this article, we’re going to explore why you may want to consider getting mortgage protection insurance for your household. But first, let’s learn more about what it is.

What is mortgage protection insurance

If you’re unfamiliar with mortgage protection insurance, you’re not alone. Some are unaware that mortgage protection insurance is offered, and don’t know what it means. A mortgage protection insurance plan will provide coverage for your mortgage bills every month. It serves those who have been struck with unforeseen circumstances – like a sudden job loss, an unfortunate sudden death or an accident that hinders their ability to work – and are unable to make timely payments. However, an MPI won’t cover all of your home expenses. That means you’re still going to have to pay for your property taxes and homeowners’ insurance, as well as any other payments that are expected of you.

Could an MPI (mortgage protection insurance) be for you?

Mortgage protection insurance is not for everyone, but it’s a great tool to provide some peace of mind to you and your loved ones after an incident occurs. That’s why it’s possible you could need one. Ask yourself: What is my plan if my husband or wife is unexpectedly injured? What if he or she unexpectedly passes away? Are you losing a source of income if that happens? These aren’t the most pleasant thoughts, but they’re ones you need to be thinking about so that you can decide whether an MPI is the right move for your family.

Begin creating a backup plan for what you would do if a tragic situation left you without a source of income. Think about the ways in which you would be able to pay your bills. Would you have family help you out? If your loved one passes, will you have access to his or her life insurance? If you are unable to come up with a solid game plan, then you may heavily want to consider getting an MPI.

Disadvantages of having MPI (mortgage protection insurance)

With every insurance option comes advantages and disadvantages. So, of course, there are some disadvantages toward having a mortgage protection plan.

  • MPIs can come with costly premiums. In the beginning, you’ll probably find that the premiums match the coverage you get from the protection plan, but as time progresses, you may pay more than what you’re receiving.
  • There may be other options out there for you. If you have a low mortgage payment, a mortgage protection plan may not be in your best interest. This is because you can invest your money into an emergency fund that will be able to help make the monthly payments on your mortgage. Or, if you are the beneficiary of life insurance payments, that may be able to cover your mortgage as well. Make sure to look into the alternatives available to you before making any decisions.
  • It is less flexible than other types of insurance. MPI plans have some similarities to life insurance plans because they both provide death benefits. However, the death benefit on your MPI doesn’t go to a loved one. It goes to your lender. It’s possible that this would help your family because it would mean that they’re safe from mortgage debt. However, if your family no longer wants to live in the home or needs the money for more pressing issues, then the loved ones you are leaving behind don’t really benefit.However, if you had a life insurance policy, then the death benefits would go directly to whom you designated as your beneficiary. This is an important difference to note between the two that ultimately becomes a disadvantage for an MPI

Advantages of having MPI

Although there are some disadvantages to having an MPI, there are also some great benefits that come alongside it. These benefits could be the determining factor as to why you decide you need to get a mortgage protection plan. These include:

  • Peace of mind. Think about it: it helps your family. It’s one less thing to worry about. If your spouse is injured, having an MPI will allow you to focus more on tending to him/her instead of wondering how you’ll be able to make the monthly mortgage payment. You’ll also be relieved to know that this loan will also be fully repaid, regardless of the condition of your spouse’s health.
  • No one has to pass away in order to receive coverage. We’ve mentioned this multiple times already, but it’s something that people easily overlook or quickly forget. That’s why it’s worth repeating: your family can qualify for an MPI if you or your spouse become disabled or unable to work.
  • You’re guaranteed acceptance. If you have health issues or were recently injured, this is a great relief because you’ll get the help you need at a faster rate. Some other insurance policies also offer some form of guaranteed acceptance, but it’s possible that you will have to wait up to two years before you receive the benefits. This is especially important because if you pass away before you are accepted, then you will not receive a death benefit. With MPIs, applicants are quickly accepted and don’t have to worry about waiting those long periods of time. And what makes this greater is that you will be accepted for mortgage protection insurance even if you wouldn’t have been accepted by a traditional life insurance plan.

Where should you go to get your MPI?

Now that you’re thinking about how a mortgage protection services could benefit your home, you could be asking yourself what the next step is. Where should you turn?

This is where we can help. An internet search may be able to help you find an insurance agent to work with, but a generic internet search doesn’t know your situation or concerns like The Best Senior Services does. The Best Senior Services works with you to find you the best insurance agent that will help prioritize your needs and set you up with a mortgage protection plan that benefits you. Call us, or visit our website, to get started and find out who can help you.

 

Surprises can be great. Surprises can also be a complete misfortune. The tricky thing about them is that you can never plan for them. That’s why there are plans like MPIs (mortgage protection insurance) to help you get back on your feet if you’re suddenly unable to work. It’s important to figure out whether an MPI is valuable to you and your family. At the end of the day, when your head hits the pillow, you won’t lose any sleep knowing your MPI has your back.