Integrated Risk Managment

need to qualify to take the long-term care deduction in retirement with the 7.5 percent of AGI reduction of medical expenses on Schedule A .

4 . Tax-free Advanced Payments for a Terminal Illness . I have seen six figures on advanced taxfree payments .

5 . Provide Income to Pay for a Retirement Home . Retirement homes want to see that there is a dependable income stream to pay for services over the remainder of the life of the spouses . The cash values of life insurance can be shifted to an annuity to provide for the income stream that can be structured to allow for income increases over time . Something to consider if your client is uninsurable : Many group-term life insurance policies can be purchased when leaving the company . When your client moves from one

company to another , your client may be able to build up a nice life insurance portfolio . In larger groups , your client may be able to pick up additional insurance — up to one or two times their salary . It is important to keep an eye out for this possibility .

Also , consider a terminal illness rider in group term life insurance . If a client is diagnosed with a terminal illness , they may be able to receive more than $ 100,000 cash distribution to help them live with greater peace of mind and comfort .

Life Insurance Considerations People too often think the cheaper the life insurance is , the better . That is the worst approach for whole life insurance and term insurance . The greater the whole life insurance premiums you pay for a death benefit , the more you may get over the long run . Interest or dividends are based on the cash value of life insurance . The more cash value there is , the greater the credit to the life insurance policy . For most , life insurance is a black box . To keep it simple , think about the following :

Quality of Company : Several agencies rate companies based on their financial strength and ability to pay claims . Life insurance companies market their products based on assumptions in the form of a life insurance illustration . Depending on how insureds pay their premiums and the company ’ s expenses , there can be different outcomes over time . There is some interpretation behind actuarial science and “ estimated ” mortality and expenses charged to life insurance policies . The life insurance illustration you receive upfront is guaranteed to change based on company outcomes . Some companies produce consistently beneficial outcomes as contrasted

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