Insurance & Annuity Planning in Denver, CO
Protecting what you’ve built is a vital component of financial well-being.
Our insurance and annuity planning services in Denver focus on safeguarding your family’s future and providing stability in the face of life’s uncertainties. A solid financial plan doesn’t just look at investments and retirement accounts – it also addresses questions like: “Would my spouse be okay financially if something happened to me?” “How would we pay for care if one of us had a serious health issue?” “Is there a way to guarantee some income or growth with less risk?” We help answer these questions through smart use of insurance and annuities. From life insurance that protects your loved ones, to long-term care coverage that shields your assets from high healthcare costs, to certain annuity products that can offer guaranteed returns or income, we integrate these tools as needed into your overall plan. Our approach is consultative and personalized. We are independent advisors, which means we aren’t tied to any one insurance company – our only goal is to find what’s truly in your best interest. With our guidance, you can fill the insurance gaps in your plan and gain the peace of mind that comes with knowing you’ve prepared for the “what ifs.”
Life Insurance for Security
Life insurance provides a financial safety net for your family or anyone who depends on you. We’ll review any existing life insurance policies you have and determine if they’re sufficient and appropriate for your current stage of life. Many people in their 50s and 60s still benefit from life insurance: for instance, if you’re married and want to ensure your spouse is taken care of, or if you have a mortgage or other debts, or wish to leave a legacy for children or grandchildren. We help calculate the right amount of coverage by considering things like outstanding obligations, future income needs of a surviving spouse, and estate considerations. We also discuss the types of life insurance. Term life insurance is often the most cost-effective for pure protection (covering you for a set term, such as 10 or 20 years). Permanent life insurance (like whole life or universal life) lasts your entire life and can have cash value, which might be useful for estate planning or if you have a lifelong dependent. As independent advisors, we can shop the market for competitive rates from reputable insurers. If you already have old policies, we can evaluate whether to keep them, adjust them, or if they are no longer needed. The goal is to ensure that, if the unexpected happens, your loved ones are financially secure – able to pay the bills, stay in the family home, and maintain their quality of life, even in your absence.
Long-Term Care & Disability Protection
Insurance isn’t only about death benefits; it’s also about protecting against events that could derail your finances during your life. Two big ones are disability and long-term care needs. If you’re still working and not yet retired, we’ll ask: Do you have disability insurance? A long-term disability (due to illness or injury) in the final working years can significantly affect retirement plans. Many employers offer some disability coverage – we’ll review what you have and recommend additional coverage if necessary to replace a good portion of your income until retirement age. For long-term care, as discussed in our health planning section, we analyze whether a long-term care insurance policy fits your situation. This coverage can help pay for home health aides, assisted living, or nursing home care should you ever need it, preserving your assets for your spouse or heirs. We’ll obtain quotes from highly rated insurers and go over benefits like the daily coverage amount, benefit period, elimination period (waiting time), and inflation protection. Another option we might explore is a hybrid life/long-term care policy – these can provide a death benefit if long-term care isn’t needed, or else provide a pool of money for care if it is. This way, you or your family get some benefit either way. Not everyone will purchase these policies, but we want you to make an informed decision about them rather than leaving it to chance. By addressing life’s risks – mortality, morbidity, disability – we help fortify your financial plan against worst-case scenarios. It’s about protective planning, so one unfortunate event doesn’t unravel decades of diligent saving.
Annuities for Stability
As part of our insurance planning, we also consider certain annuity products (which are offered by insurance companies) when appropriate. Annuities can blur the line between investment and insurance – some are designed to provide guaranteed income, as we discussed in the retirement income section, while others are geared towards protecting and growing principal with less volatility than the stock market. For example, a fixed annuity can offer a guaranteed interest rate for a set period, similar to a CD but typically with tax-deferred growth. An indexed annuitycredits interest based on a market index (like the S&P 500) but with a floor that prevents losses in down years – this can be attractive to more conservative investors who still want some market-linked upside without risk of loss. We carefully evaluate any annuity’s fees, surrender charges, and crediting terms to ensure it’s competitive and aligns with your goals. One common use of an annuity in planning is to serve as a “safe bucket” of funds that will not be affected by market declines, which can be reassuring during turbulent times. Another use is legacy planning: some annuities come with death benefit guarantees that can efficiently pass money to heirs. It’s important to note: we do not believe annuities are a one-size-fits-all solution. In fact, many of our clients may not need annuities at all, or only for a portion of their plan. Our job is to sift through the complexity and only incorporate an annuity if it genuinely adds value – such as providing a guarantee or benefit you can’t get elsewhere in your portfolio. If an annuity is recommended, we will clearly explain why, how it works, and any drawbacks. You will never get a sales pitch – just professional advice on whether it’s a good fit for enhancing your financial security.
FAQ
Do I need life insurance if I’m already retired?
It depends on your circumstances. If you have a spouse or others who depend on your income (for example, if you’re drawing a pension that doesn’t continue to your spouse after your death, or if you have significant debt or want to leave a specific inheritance), life insurance can still be very useful in retirement. It can provide liquidity to pay for final expenses, eliminate any remaining mortgage or debt, or ensure your spouse has extra funds for living expenses. On the other hand, if you have a healthy amount of savings and passive income, no dependents relying on you, and no strong desire to leave a large estate, you might not need life insurance in retirement. We’ll assess factors like: Will your spouse lose a portion of pension or Social Security income when you pass? Are there estate taxes or charitable bequests to consider? Are you concerned about leaving something for children or grandchildren? Based on that, we’ll determine if maintaining or obtaining life insurance makes sense. Often, retirees shift from term insurance (which may expire) to considering smaller permanent policies for final expenses or legacy purposes. We’ll guide you through those options.
What types of insurance should I have as I approach retirement?
Generally, there are a few key types of insurance to review as you near retirement: (1) Health Insurance/Medicare: Ensure you have continuous health coverage and understand Medicare choices when eligible. (2) Life Insurance: If someone would suffer financially from your death (spouse, disabled child, etc.), carrying life insurance into retirement could be important. (3) Long-Term Care Insurance: This is often considered around retirement age to protect your assets from the high cost of long-term care. (4) Home, Auto, Umbrella Liability: It’s wise to maintain adequate homeowner’s and auto insurance, and consider an umbrella liability policy for added protection, since a lawsuit in retirement can be just as harmful as when working. (5) Disability Insurance: If you’re still working in your 60s, disability insurance is relevant, but once fully retired it’s not needed (since you’re not relying on earned income). (6) Annuities (if appropriate): Not exactly “insurance” you must have, but as discussed, an income annuity can be thought of as longevity insurance – guaranteeing you won’t run out of income. In summary, approaching retirement is a perfect time to do an “insurance audit” – we will help you go through each category to see if you’re covered adequately. We often find gaps, like no plan for long-term care, or over-insurance, like holding expensive life policies that might no longer be necessary. Our goal is to align your insurance portfolio with your retirement needs in a cost-effective way.
Protection is the foundation of any solid financial plan.
To make sure you and your family are fully protected, schedule an insurance review with our team. Our Denver-based advisors will evaluate your life insurance, long-term care strategy, and any annuities or insurance products in your plan – providing objective recommendations on what to keep, adjust, or add. The review is complimentary and could save you and your loved ones from financial hardship down the road. Contact us today to put an ironclad safety net under your financial future.
