For seniors, life insurance is the best way to make sure your final expenses are paid for and your family is not left with a burden. If you’re over 65 and in need of life insurance of final expense life insurance, there are a number of insurance companies that accommodate you.

The most important thing is finding the right one.

Nowadays the insurance industry offers coverage without the hassles of medical records, physicals, or lab work. To protect the insurance company, no exam life insurance premiums are more expensive because risk is assumed to be higher.  A simplified issue life insurance policy might be appropriate for those who don’t want the hassle, and or are substandard to begin with.

Naturally, since life insurance has a lot to do with your overall health, the best rates are typically offered to seniors who pass a medical exam. However, it is also possible to obtain affordable life insurance without a medical exam, but the limits on these policies can become more restrictive as you get older. Generally speaking, though, you have two different options when it comes to life insurance:

Term life insurance – Life insurance which provides coverage for a pre-determined amount of time and premiums can be fixed for that period.

Whole life insurance – Life insurance that typically covers an individual until his or her death.

Who to avoid and why:  Life Insurance for Seniors can be a tricky endeavor. Unfortunately some companies provide misleading information. Companies like NYLAARP and  Globe Life iNusrance sell products that are not very competitive and offer limited benefits or increasing premiums. NYLAARP offers a few different products that need to be exposed. A consumer should always ask about guaranteed level period as they sells policies that increase in premiums. Also make sure the death benefit is level and not graded or modified which could be mean an insured would not be covered in the first few years from natural death.  Globe Life Insurance or Global Life offers misleading advertising for coverage for one dollar, then the policy they sell increases in premium every five years. The agent tells you their term plans are good till ninety-five but what they don’t tell you is the cost increases twice a decade!

Where should you go for senior life insurance? If you’re in the market for life insurance, use an independent broker! An independent broker has your best interest at heart as they help shop and compare rates.  Mintco Financial Team of Independent Advisors is able to quote you over 50 different life insurance companies, which assures you are always getting the best deal for your insurance solution. An independent broker is also knowledgeable of many different products and companies to help educate you, so you know exactly what you’re buying.

Call now 813-964-7100 and speak directly to us! We offer personal service for each customer.

If you prefer visit www.MintcoFinancial.com

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• Medicare Supplement
• Medicare Advantage
• Long Term Care
• Individual Health
• Life Insurance For Seniors
• Life Insurance for Seniors over 80
• 401K Rollovers
• IRA’s
• Annuities

Long-Term Care insurance plans  protect seniors during their retirement. Final expense life insurance products offer no-exam and  guaranteed issued life insurance products by answering a short  questionnaire. Approved in minutes!!! Medicare Supplement insurance can help fill the gaps between seniors medical needs and Medicare’s  coverage. Fixed annuities, the safety of seniors investments. Today’s Medicare Advantage Plans are also an alternative to  traditional Medicare supplements by providing HMO/PPO coverage at more  affordable premiums. Call now at 813-964-7100 or visit www.MintcoFinancial.com

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Some of the possibly needed income gaps can be filled with annuity transfer of risk strategies like immediate annuities or longevity annuities.

Whether you are already retired, or have a target date when you plan on retiring, it’s important to know the specific dollar amounts of your retirement income sources.

Some sources of income are:

Social Security, Dividend Income, Pension Income, Annuity Income.

If you do not have enough retirement income to cover your lifestyle, below are some annuity strategies that can fill the needed income gaps. Annuities allow you to contractually solve for a guaranteed monthly or annual dollar amount to cover the exact amount needed for life.

Income needs now — Single Premium Immediate Annuities can be set up either single life or joint life to provide an income stream that you can never outlive. You also can combat inflation by attaching a contractual COLA (Cost of Living Adjustment) that increases your income annually by a specific percentage that you choose at the time of application.

Income needs later — Target-date income planning, or income later can be achieved by using longevity annuities or income riders attached to deferred annuities. COLA riders can be contractually attached if inflation is a concern. Using annuities for income later planning allows you to know the exact dollar amount of lifetime income stream that will start on a specific date in the future. For the detailed planner, this is a great feature.

Split annuity strategy — You can combine both income now and income later strategies to contractually guaranteed income streams to start immediately and at specific date(s) in the future. You also might be familiar with this approach also known as a bucket strategy, where different tranches of money create income streams at different designated times.

Achieving your retirement income goal, and covering those income needs for life, is one of the final hurdles that all of us want to achieve. For most people, utilizing these strategies is the only guaranteed way to get there.

If you have any questions or need an annuity quote please call 813-964-7100 or visit www.MintcoFinancial.com

We are a team of independent financial advisors with offices in Tampa, FL and Buffalo, NY.

We will be glad to help you to achieve your retirement goals and keep your lifestyle after retiring.

Call us 813-964-7100

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The greatest fear of most retirees is the risk of longevity: outliving their money. The meltdown of retirement accounts, rising medical costs, uncertain entitlement programs and higher taxes have added to the risk. Facing 30 years of retirement living on past savings and Social Security benefits is a scary reality. What can be done?

To handle other unaffordable risks you buy insurance. The same companies that protect your home, life, health and auto can also protect you from the risk of longevity. The basic principle of all insurance that makes coverage affordable is “pooling of risks”. Since the greatest fear of retirement is outliving your money and your remaining life span is uncertain, the solution is to insure the unaffordable risk. Let’s see how this is done.

Insurance companies issue fixed annuities, which can be turned into guaranteed lifetime incomes. You can accumulate your retirement money in an annuity over time, or you can fund the annuity lump-sum. Fixed annuities are backed by the assets of the insurance company, guaranteed to give you a positive rate of return which is free of income taxes until the earnings are withdrawn, and offer you numerous other choices. At the date you select, you can turn your annuity into a lifetime of monthly checks you cannot outlive. The insurance company guarantees you a lifetime of income, regardless of how long you live. You can later change your mind, stop the income and take your money lump-sum. If you die prematurely, your heirs are paid the balance of your account.

With an annuity, you can have a guaranteed income stream, immune to market gyrations. This income stream will give you the ability to budget for your finances in retirement, even allowing for things such as vacation funds…

Fixed Indexed Annuities can give you a chance to positively change your future.

Combine your guaranteed lifetime income with Social Security benefits, and you have a comfortable and safe retirement with very little planning.

Call Mintco Financial Advisors today and ask about a fixed annuity with a Guaranteed Lifetime Income Benefit Rider.

Phone: 813-964-7100 or visit the website www.MintcoFinancial.com

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Waiting Period

The waiting period is from the time you become disability to the time the policy starts paying. Most policies have a 30, 60, or 90 day  waiting period. In other words, the insurance company wants to make sure it’s a long-term disability before they start paying. Like I mentioned  before, it’s crucial to have an emergency fund to cover the waiting period.
Also, the longer your waiting period, the cheaper the policy. It’s been said before that a 1 year disability with a 7 day waiting  period costs more yearly than a 30 year policy with a 90 day waiting  period.
What should you look for in a policy?
If you have a highly  specialized job or can simply afford to pay the premiums, it’s worth  paying extra to have an “own occupation” policy. This coverage pays  benefits if you are unable to perform the major duties of your own  occupation. To trim some of the costs, it may be advisable to obtain  “own occupation” coverage for one or two years and “any occupation”  coverage after that.
The length of benefits is key, and will  affect the cost of premiums significantly. Some policies pay benefits  until age 65 or until your full retirement age for Social Security  benefits, others for two or five years. Seek out a non-cancellable  policy.
You probably also want a policy that will pay “residual”  benefits, which will compensate for a decline in income if you are able  to work at a new job that pays less.
How much does disability insurance cost?

Prices vary based on age, gender, occupation, amount of coverage and  health status. Check with a broker (www.MintcoFinancial.com or call 813-964-7100) to get quotes from at least three  different insurers.
For someone who does not have  coverage at work, a plan with all the extras including inflation  protection costs roughly 2 percent to 2.5 percent of annual salary for a man, and 3 percent to 4 percent for a woman. Women pay more because  they file claims more frequently and for a longer duration than men.

If someone has coverage at work but wants earnings to boost benefits to 80 percent salary replacement, the annual cost is typically about 1  percent of the worker’s salary.

Why doctors need Disability Insurance?

The medical profession in general is more likely to become disabled for a couple of reasons:
1) You work with other sick people
2) You specialize in something unique.
When it comes to working with disease, blood, and other transmittable illnesses, physicians are at a higher risk than other professionals.  Contracting HIV or other diseases through the blood is of the largest  concerns. Due to the increased exposure to these types of risks, your  chances of becoming disabled are statistically higher.

But the main reason physicians are more likely to become disabled is their unique specialty.

If you are a physician and haven’t had your disability insurance reviewed for a couple of years, it might be a good time to do so. Many group plans are changing  and possibly don’t offer the protection you think you have. Many  individual plans have also changed how they rate your specialty and  improved the amount of coverage you can get.

Call Mintco Financial Team of Independent Financial Advisors to review your Disability Insurance or to quote one.
813-964-7100

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Whether it is lack of financial sophistication, a sense of entitlement, or lack of self-discipline, you cannot invest if you cannot save.
Choosing to skip on retirement plan contributions, especially early on when compound interest has plenty of time to work its magic, can devastate a retirement plan.  Consider this:  One physician saves $50,000 a year for his first 15 years of practice, then saves nothing until he retires 25 years later.  ($750,000 total saved)

A second physician saves nothing his first 15 years of practice, then saves $75,000 a year for the next 20 years.  ($1.5 Million saved)

Which one ends up with more money? The physician who saved early ends up with $2.86 million and the late-saving physician, despite saving twice as much of his income, ends up with $383,000 less.

The longer you wait until you start saving, the more you need to save.  Likewise, saving just 5 or 10% of your income isn’t enough.  With savings rates like that, you’ll end up with a much lower standard of living in retirement than while in practice.  Another benefit of a high savings rate is that you’re used to living on less money.

A doctor earning $200K a year and saving $50K a year only needs 75% of his pre-retirement income to have the same standard of living.  A doctor earning $200K a year and only saving $20K a year would need 90% of his pre-retirement income to maintain his standard of living.  That will mean more years of work.  You should aim to save 15-25% of your income each year you practice.  More if you had a late start or want to retire early.

With a high income and a high savings rate, any reasonable investment plan should get the physician investor to his goal.

Unfortunately, far too many doctors have inappropriate investment plans.  These range from day-trading tech stocks, to huge swings in asset allocation into the asset class with the most impressive recent performance (buying high/selling low), to being overly conservative and leaving money in assets without adequate long-term returns.  Getting 5% after-inflation long-term returns is not that hard to do, but without a reasonable investment plan, even that may be asking too much.

Compounding doesn’t do any good if it doesn’t happen at a rate significantly higher than inflation.

There are really only a few things that can wipe a doctor (or his family) out financially.  Death, disability, natural disaster, and liability.  These are all very easy to insure against.

Getting help from a financial adviser can help the physician investor avoid the problems outlined  above.

Each financial situation is unique. Understanding retirement objectives and current financial status is the first step in creating a manageable retirement strategy.

Mintco Financial Team of Independent Advisors have been helping many doctors achieve their financial goal.

Mintco Financial Advisors understand you as a doctor has a busy schedule and will be glad to accommodate time to review your plan.

Mintco Financial is located in Tampa, FL and Buffalo , NY.

Call 813-964-7100  or 716-565-1300.

Visit the website for more info www.MintcoFinancial.com

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Life insurance for over 60s year old people is much more freely available than people might have thought. There will, inevitably, be an age at which a person can no longer obtain cover, but it is much older than many people would think.

Of course, you may have to take a medical examination but even this is not always the case, these days. Very often, a detailed questionnaire is sent to your doctor asking for further information.

Reasonably healthy people can find term life insurance well into their 70′s, while almost everybody can find a whole life policy until they are 80! Some whole life policies even accept 89 year olds! Reaching the golden years does not mean that a person’s obligations have ended. It also does not mean that people do not want to provide for their own final expenses and also give money to their loved ones. A life insurance over 60 policy for an older person can be an affordable way to deal with financial planning.

Many older people want to leave money for their own funerals. That is simple to do with a small final expense policy. Others have more complex wishes like the transfer of wealth, or even of keeping a business running after they pass away. Older people still can need life insurance. The good news is, that it is on the market!

Need a quote? Call us at 813-964-7100. Mintco Financial is a leading company in Life Insurance for Seniors in the U.S.A.
We are not a 1-800 company where you speak with computers…you call us directly and we answer the phone!
Call us now at 813-964-7100 or visit our website www.MintcoFinancial.com

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So “how do I cover my assets from lawsuits?” Or, “How do I keep my retirement or investment dollars from declining in value?”

Laws exist in most states that protect retirement accounts, homes, and other assets from creditors.

Certain trusts can also provide limited or total protection. Your individual circumstances and/orThe first thing you should do is remove your name from ownership of your assets, while maintaining control of those assets. You want to be rich but look poor.

Created a limited liability company (LLC) will accomplish this goal. A personal creditor cannot touch the shares of an LLC.
Your LLC shares are protected from creditor liens. Judgment holders are limited to merely owning a charging order against distributions made by the LLC.The creditors won’t be able to grab any of the LLCs assets. They can’t even touch
your salary (without and order of garnishment) , nor any of the assets bought or sold through the LLC. As long as you avoid any distributions, your assets are completely shielded.

Another way to beat the vampires is through an irrevocable trust. With an irrevocable trust, you technically no longer own the
assets and therefore no debts can be levied against them. Through an irrevocable trust you can retain control,while transferring legal ownership to anyone you choose. In addition, the content of the trust do not need to be listed in an asset sheet, since they are no longer your assets. While shares of an LLC must still be listed on an asset sheet, those shares are fully protected.

Another method is to convert your assets to other creditor-exempt vehicles, such as annuities, IRAs homestead properties, pension
plans and life insurance policies. Homestead property, annuities, IRAs, pension plans and life insurance policies are the most common creditor-exempt entities.

For Florida residents, the most convenient vehicle of asset protection is through the Florida Homestead statute, since any value added to a Florida homestead is protected. The only creditors that are able to attach a lien to your homestead property are those creditors that hold direct liens resulting from work done on your property, or the property itself.

The three most common liens of this type are mortgage liens, Federal tax liens, Association liens, and mechanic’s liens (money owed to someone you hired to do work on your property).

The cash value of an life insurance policy of a Florida resident is also immune to creditor claims as long as the death benefit passes to a beneficiary and not the decedent’s estate.

The proceeds of an annuity contract issued to a resident of Florida are also not subject to the claims of creditors.
If you have any questions about how to protect your assets in Florida, please call one of our specialist at Mintco Financial.

Mintco Financial Team of Independent Financial Advisors have more than 17 years of experience and have helped many individuals and families with a properly Asset Protection Planning.

Call 813-964-7100 or visit the website www.MintcoFinancial.com

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