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If you are a Minnesotan age 65 or older and have what is known as a Medicare Cost Plan, you may experience changes to your insurance that will go into effect in 2019.
The State of MN estimates that up to 200,000 Minnesotans will be required to take action during the current enrollment period to obtain replacement coverage for 2019. Another 125,000 or so may be “auto-enrolled” into new Medicare Advantage Plans with their current insurer.
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“Make hay when the sun shines.” That’s what the farmers say.
On Thursday, January 4, 2018 the Dow Jones Industrial Average (Dow) topped 25,000 for the first time.
That’s a lot of sunshine! And it’s obviously great news for investors and anyone who has been “long” in the market these past several years.
How high will markets go? What’s the best way to make hay before the sun sets on this amazing run in the stock market?
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When you were younger, a life insurance policy with a large death benefit made sense. You had a mortgage. Mouths to feed. Bills to pay. The loss of the primary breadwinner would have been devastating to your family’s financial security.
Today, things are different. The mortgage has been paid, the kids can support themselves, and your financial situation has never been brighter.
In these situations, clients often ask me what they should do with an old life insurance policy they no longer need. Often, it’s a whole life or universal life policy that has considerable cash value and requires a hefty monthly premium that seems to go on forever.
In my last post, I had cautionary guidance: “Are you absolutely, 100% sure you really, really don’t need your old life insurance policy any more?”
If you answered, “Yes!” to that question, then there are at least 7 things you could do to with that old cash value life insurance policy.
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Years ago, when your kids were little and your mortgage was big, you probably bought some life insurance. If you had a friend or family member who worked for an insurance company, odds are good that it was a whole life policy. These policies often come with a hefty monthly premium that you are going to pay for… well, your whole life.
Today, however, life is different. Your kids have kids of their own and the mortgage has been paid. Your need for life insurance has gone away, but those hefty monthly insurance premiums; they are here to stay.
A question I am often asked is, “Should I cancel my old life insurance policy?”