Tag Archives: Peace Of Mind

Missionary Medical Insurance

Missionary Medical Insurance

The Global Navigator is Worldwide health insurance and services for career missionaries and volunteers.  The Global Navigator health plan meets the needs of missionaries and volunteers by offering comprehensive worldwide benefits – inside and outside the U.S. – without the typical limits, eligibility conditions and benefit exclusions common among traditional plans.  Unlike plans that limit furlough coverage, Global Navigator covers stateside tours of any length, delivering the continuity and convenience of benefits that are truly seamless, portable and renewable.  Global Navigator is the premier health plan for missionaries and volunteers because it combines these benefits with concierge-level medical assistance and easy access to an elite community of carefully selected hospitals outside the U.S. and a network of over 700,000 doctors and hospitals inside the U.S.  Global Navigator gives missionaries and volunteers peace of mind, knowing they always have the freedom to access top medical care and benefits no matter where their ministries take them.

The brochure and paper application Global Navigator Missionary Medical Insurance (Brochure and Application)

 

Not Considering Your Long-Term Care Needs Could Wreck Your Finances

Not Considering Your Long-Term Care Needs Could Wreck Your Finances

Many people falsely believe the government, their children or their savings accounts will take care of them if they require long-term care assistance. Unfortunately these thoughts can result in one of the most expensive mistakes you will ever make.

Medicare pays for acute medical expenses not long-term custodial care. And Medicaid is synonymous with welfare. To qualify you need to be impoverished or spend down your assets to the brink of poverty, though the latter is more difficult now because of changes in the law. Even if you qualify, you would have little choice in who provided your care.

You may assume your kids will take care of you. Even if they are willing, what happens if they are raising their own children or establishing their career at your time of need? Or what happens if your needs require more time than your kids can devote?

You could draw from your savings to pay for your long-term care needs, and if you have substantial wealth, that may work for you. But at $5,000 a month or more, long-term care costs can quickly deplete your savings.

Given the circumstances, the smart move is to purchase long-term care coverage so you’re ready for whatever life brings your way.

This coverage provides funds to help you pay for the long-term care services you need when you need them. It can help protect your assets so you have the money to do all the things you planned to do in retirement and preserve your estate so you have something to pass on to your heirs. It can also give you peace of mind knowing you can remain in your own home, receive the quality care you need, and avoid burdening your family with the responsibility of caring for you.

You may be thinking this sounds great, but I don’t need another bill to pay. When you understand just how important long-term care planning is, however, you’ll find a way to pay the premiums. Consider these options:

  • Ask your children for help. If your children are well-established financially, they may be interested in helping pay for long-term care insurance. After all, their inheritance is at stake. And they’ll likely be relieved to know they won’t have to quit their jobs and take care of you full-time if you become incapacitated.
  • Obtain a reverse mortgage or line of credit. You may have equity in your home that you can use to pay for insurance or other needs.
  • Buy a life and long-term care insurance combination. With these policies, if you need care, a long-term care rider accelerates your life insurance death benefit. Your life insurance death benefit would be reduced by the amount accelerated.
  • Consider making premium payments instead of full contributions to your retirement accounts, if necessary. You’ll then be saving money with your IRA contributions and protecting your resources with your insurance plan.

Like most Americans, you’re likely cutting back on your expenses as fear ripples through the economy, but ignoring this vital coverage could wreck your finances, even long before you’re old, and wipe out your kids’ inheritances. And don’t wait until it’s too late as this coverage becomes more expensive and harder to obtain the older you get.

Immediate Annuities Can Help You Secure Your Retirement Income

Immediate Annuities Can Help You Secure Your Retirement Income

As you approach retirement, it’s natural to worry about your retirement portfolio. It is also natural to become frightened during a recession, such as the ongoing downturn that started in 2008. During tough times, your entire strategy can suddenly become worthless. The supply of cash that you have carefully built up over your working life is gone, vanished like so much dust. This is downright scary. What shall you do? Many individuals in this same situation end up taking part-time jobs in order to support themselves.

An immediate annuity can help you regain liquidity. Buying an annuity is like buying a monthly pension check. It is an insurance policy that pays you a lifelong income stream in exchange for a lump sum. There is no age limit for purchasing an immediate annuity; you can buy one at 80 or 90 if you want to. When the payments start is entirely up to you. Once you decide on a date, the payments are orderly and on time, appearing on that date every month for the rest of your life.

Consider several advantages to immediate annuities:

  • Your insurance agent will be able to tell you what the monthly payment amount is based on your lump sum.
  • The annuity is backed by the financial security and assets of an insurance company, so do your research before buying.
  • This product affords you, the beneficiary immediate peace of mind since the payments start when you choose. You can rest completely assured of a secure, stable long-term monthly income. You can even add an inflation rider to the policy so that your income will not get eaten by inflationary pressures.
  • Since immediate annuities are different from stocks and bonds, there is no worry about volatility or market fluctuations. The value of the annuity remains constant. You have the protection of knowing that every month, the money will be deposited into your bank account.
  • There are no fees of any kind to be paid – no management fees, no setup or administrative fees, and no annual fees.
  • Favorable tax treatment – Only a small portion of income generated from an immediate annuity funded with after-tax dollars would be taxable.  This is because part of every payment is considered a return of principal.

Is an immediate annuity right for you? That depends on your unique needs of course. For those seeking to secure a future income stream, immediate annuities are a perfect way of achieving a guaranteed monthly income which will not fluctuate due to external forces. The peace of mind possible with having an income stream one cannot outlive should not be ignored.

Liquidated earnings are subject to ordinary income tax, may be subject to surrender charges and, if taken prior to age 59 1⁄2, may be subject to a 10% federal income tax penalty.

Guarantees and payment of lifetime income are contingent on the claims paying ability of the issuing insurance company.