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In The Money August 14th, 2008

Articles that discuss the earning of money, the investment of money, the saving of money.

Retirees…Paying For the Wrong Kinds, And Wrong Amounts, Of Insurance

photo

Jerod Fenton
CFP®, RFC, CSA
Senior Financial Advisor

This area is so misunderstood for most retirees. For some reason, when people are retired, many of them hang on to old insurance coverages of all types, just because they've had them for a long time. I'm not sure why, but it seems to be the case more often than not.

I recently saw a couple in their late 60's, who were paying over $2,100 a year for life insurance coverage they didn't need, and had no insurance at all on things that they really should have in place. By repositioning their insurance portfolio, we showed them how to get the coverages they needed and which coverage they could reduce or stop paying for.

It is important to have someone objectively review your insurance, and find out what's wrong and what's right. Many people we see have inappropriate, (too much or too little), amounts of auto, homeowner, condo, health, long term care, and life policies. Coverages are often bought with the wrong information, from people who are motivated by all the wrong reasons.

When you are in retirement, chances are you have little extra room in your budget to waste money on needless coverage, or to be shortchanging yourself on coverage you do need! Many of our retired clients find they can get more coverage in the areas they do need, and eliminate or reduce coverage on stuff they don't need, and save hundreds or thousands of dollars in the process. Unfortunately, many retirees receive insurance advice from someone who does not take the time to fully understand their individual situation, or worse yet someone who does not care and is simply looking to collect a sales commission.

I like to think that most insurance advisors are well intended. However, most insurance advisors I know truly believe that everyone should have an extra large policy on the particular type of insurance they sell in order to be properly protected; and they truly have the best intentions. The reality is that many retirees can better allocate budget dollars to insurance in a way that will allow them greater possibilities of achieving their financial goals.

This financial area must be reviewed and coordinated, OBJECTIVELY, with all of your finances. The only way that this can be accomplished is to have someone who understands your overall financial situation, and understands the utility of various insurances that are available, provide you with a recommendation.

If we can be of any assistance to you in this area please call 760-705-3517.

 

 



 

 

 

 

 

 


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