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Insurance Considerations in Retirement Insurance company

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Title: Insurance Considerations in Retirement Insurance company


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Insurance Considerations in Retirement Insurance
company
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  • When you retire, you will need to make
    many adjustments in your financial affairs.
    You'll need to ensure regular income, whether
    through a pension, Social Security, or
    investments you'll need to rebalance your
    portfolio to lessen exposure to risk. You'll need
    to consider any changes in your tax situation.
    And you should take a look at your insurance
    policies. These will likely require some
    adjustments.

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  • If you're staying put in retirement, your
    homeowner's or renter's insurance will be
    unaffected. However, if you're moving, you'll
    need to transfer this policy to your new home. In
    all likelihood, your current insurer will be able
    to simply transfer your policy, once you provide
    exact dates of your move, although if you
    continue to own your old home, you'll still need
    to keep it covered. And don't forget about
    insuring your personal belongings during the move
    itself. The moving company should provide some
    coverage, but estimate the value of your
    belongings and purchase a separate policy if the
    mover's coverage is insufficient. If you have any
    particularly valuable pieces -- antique
    furniture, jewelry, artwork, oriental carpets --
    then consider a personal articles floater policy,
    which insures these items separately and ensures
    that you will get full value back in case of
    loss.

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  • Health insurance is a complex issue that deserves
    careful attention. If your company provides
    health insurance to retirees and their families,
    then you're in luck consult with your company's
    human resources department to make any
    adjustments as necessary. In the United States,
    Medicare -- federally managed health insurance
    coverage for the elderly -- does not kick in
    until you turn 65. If you retire earlier than
    that and your company does not offer retiree
    health benefits, you'll need to fill in the gap
    with additional health insurance.

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  • Life insurance is another broad area that you'll
    need to consider. There are two basic kinds of
    life insurance if you purchase "term insurance,"
    you will pay premiums and, in the event of your
    death, the company will make a single payout to
    your beneficiary. "Permanent life insurance"
    policies (which include "whole life," "universal
    life," and other variations) maintain a cash
    value as well as a death benefit component. These
    latter policies are primarily investment vehicles
    with high fees and complex structures be sure
    you understand exactly what you're buying. Most
    financial advisers suggest that there are more
    effective ways to invest your money rather than
    through a whole life or universal life policy,
    and that to obtain life insurance coverage,
    purchasing a Retirement Insurance Company is a
    better choice.

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  • Term life insurance is intended to replace lost
    income in the event of death. If you work and
    your spouse or partner does not, then you need
    life insurance coverage to ensure income for your
    spouse in the event of your death, but your
    spouse most likely does not need life insurance.
    Once you retire, you may or may not need to keep
    your policy active. If you and your spouse will
    be living on investments that you jointly own,
    these investments will continue to generate
    income for your spouse if you die, and your term
    policy may not be necessary. However, if you earn
    a pension and the payout amounts to your
    surviving spouse will be reduced if you die, then
    a term policy can help your spouse cope with the
    reduced income. And if you anticipate any large
    expenses on your death -- such as estate taxes on
    any property or business that you own that will
    pass on to heirs -- than a term policy can be
    designed to pay off those expenses.
  • If your situation is complex, it may be worth it
    to consult with a financial advisor to determine
    the best course of action. But don't put off
    making decisions about your insurance policies.
  •  

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