Other Insurance offered by Sycamore Agent - John Knepper
While Medicare-related insurance products are our primary focus, there are several areas that affect seniors and are, therefore, areas that we address. These include retirement planning through Life Insurance and Final Expense Insurance, and Dental / Vision / Hearing coverage.
Back in the 1970s, our founder took a finance course as part of his MBA from Northwestern University. His professor espoused two basic rules for personal finance:
- Always live below your means - save some and spend some; and
- Look up the cost of both term and whole life insurance policies - buy term and invest the difference in growth stocks.
If individuals lived by those two rules during their working years, retirement would be met with a very nice bucket of money.
Retirement Planning - the "Old School" Way
That's still good advice. But, the rules for investing have changed. Thanks primarily to two unfunded wars and the massive debt that was created by them, the feds are required to maintain interest rates near zero or be faced with ruinous interest payments on the national debt. For baby boomers and senior citizens, personal finance rules were changed for the foreseeable future. Today, "investing" that bucket of money in traditional retirement instruments like CDs, T-bills, money market and savings accounts can be just about the same as stuffing the money under a mattress.
Retirement Planning - the "New School" Way
One of the new way to finance retirement is through new innovations in life insurance. Income for daily living expenses and Long Term Care can be generated by putting some of that bucket of money into financial products like annuities and life insurance with a rider for Long Term Care. These instruments can provide needed income that "old" instruments can no longer provide, and they can be structured to pass tax-free wealth to survivors.
The Next Step
Let's talk. Contact us to brainstorm how you can structure your investments and insurance to meet your long term care and inheritance needs.
One thing is for sure: The day will come when someone else is making funeral arrangements for you! Will they have the money readily available to pay for those unexpected expenses? Death is not cheap. If you want to do a real favor for the people you leave behind, continue to the accordion below.
There is one excellent way to eliminate the expense of dying - Donate your body to science. Medical schools need donations for education and research. Here is a link to The Anatomical Gift Association of Illinois in Chicago. Other institutions near you, such as colleges and universities, are also worthy of your consideration.
If this alternative does not appeal to you, then make sure your survivors have the financial resources to bury you in the style that your station in life requires.
Make a Plan
Let's face it - no one wants to address the issues associated with their own demise. But, everyone agrees that it is unfair to leave such things to survivors. If you come from a well-off family, great! But, if you don't then it's only fair that you take care of some details that would have to be addressed when you pass away. Details like having a will in place, and letting your family know what kind of service you would like, and paying for your "final expenses." A funeral is not cheap! But, for very little money, you can pay for it by means of a relatively small insurance plan.
Selected Life Insurance Companies that Specialize in Final Expense Coverage
We work with several insurance companies that provide Final Expense coverage, including Central States Indemnity, Equitable Life, Foresters, Forethought, Gleaner, Royal Neighbors, and Stonebridge Life.
The Next Step
Let's talk. Contact us and we'll provide a quote for you to see how much the relief of your survivors would cost you.
Dental, Vision, and Hearing
Option 1 - Discount Plans
Various "discount" programs are available to help cover the cost of dental procedures. If you live in an area where there are paricipating dentists then a discount plan may be just the thing. Some of these plans also provide discounts for vision and hearing expenses.
One of the great features of a Discount plan is that you don't need to sign up until you actually need the discount! There are no waiting periods. You could sign up today and have full benefits tomorrow. Many of our clients will pay out-of-pocket costs for simple cleanings and exams. But, when a dentists proclaims that you need a root canal and a crown, or an implant, you can sign up for a Discount Plan and enjoy significant savings for those more expensive services.
Click here to see which plans and participating dentists are available in your area. It is important that you check with the dentist's office to verify participation and costs before enrolling in a discount program. This link will also present vision and hearing options.
Option 2 - Insurance Plans
A number of companies offer actual dental insurance (and in some cases with vision and hearing coverage as well). Delta Dental is an example. Delta Dental is often a benefit for individuals employed by large corporations. That coverage can be continued after retirement with an individual plan from Delta Dental, without waiting periods.
Contact us to discuss your dental, vision, and hearing needs and your options.