I don’t know if New York state employees have an exceptionally hard time in getting help with retirement planning. I hope for the rest of the country sake that their situation is an exception rather than a rule.
Recently a retiring state employee wanted life insurance quotes. Based on the cost of the life insurance it looked like it would be prudent to take the larger income at retirement and make up for the spousal survivor benefit cut back with the insurance. All they needed to do was meet with the retirement planner to finalize the direction they wanted to take. While I urged them to put the life insurance in force and then adjust it if need be after the fact, they insisted that the process wouldn’t take long so they would just hold off.
Seven months and two new sets of quotes later they called to let me know that they finally had their meeting and wanted the insurance now as their retirement was only a month away. The only problem was that he had had a severe stroke in the interim, so severe that all we could get him was a $50,000 guaranteed issue policy. Not enough coverage to take the retirement plan they wanted and too expensive based on their new budget.
If I’ve said it once, I know I’ve said it a lot of times. Don’t wait for some occurrence in the future to purchase your life insurance. Buy it now.. Buy it when you’re healthy. If you’re still healthy when you get to that occurrence you can always change the policy or replace it with one more appropriate. What you won’t be when you get there is uninsured and without options.
This post is somewhat dated. Life insurance underwriting is changing and evolving continually. For more updated information check out some of the key word links. If you have a specific question or topic you need information for do a search. If you don’t find the answers you need contact me and we’ll make sure you get the information that is important to you.