May 11, 2018 // All Lifestyle
The phrase “Baby Boomer” is often used as an umbrella term to describe individuals born in the years following World War II. According to the U.S. Census Bureau, anyone currently between the ages of 53 and 71 is considered a Baby Boomer.
Because of this 18-year age gap, it makes sense that Boomers in their 50s are likely to have different financial needs and concerns than Boomers in their late 60s and early 70s. Life insurance and annuities can address these individual needs in unique ways.
Baby Boomers who are still working may want to explore ways to protect and grow their upcoming retirement plans, and to help protect their families. Life insurance or an annuity can help in distinct ways for this age group:
Accumulator and LifeTime Universal Life insurance can be a great fit for these types of needs.
A platinum bonus annuity can help grow retirement assets and provide a steady stream of income.
Baby Boomers who are retired may be thinking about their final expenses, leaving a legacy, and ways to not outlive their savings.
An immediate annuity, such as a Guaranteed Income Annuity (GIA), can give the added security of an income you cannot outlive. During the surrender charge period, withdrawals exceeding 10% will be subject to a surrender charge that may be higher than fees associated with other types of financial products and may reduce principal. See contract for specific details of the surrender charge schedule. The payout amount you will receive is based on your individual circumstances, the options you select at the time of application and your initial premium payment.; If illustration of the payout rate is provided, the ad states, in close juxtaposition and in bold letters, The payout rate is the income received each year as a percentage of your initial premium. It is not an interest rate. Annuities are not short-term products. Withdrawals prior to 59½ may be subject to IRS penalties.
Lifetime Universal Life Policy Form Series: ICC10-4601, UL-4601 (In OR: ICC10-4601); Accumulator Universal Life Policy Form Series: ICC10-3601, UL-3601 (In OR: ICC10-3601); Simple Whole Life Policy Form Series: ICC10-5501 & 5501WL (In OR: ICC10-5501); Guaranteed Issue Graded Benefit Whole Life Policy Form Series: ICC12-6201 & GWL6201 (In OR: ICC12-6201); Platinum Bonus Contract Form Series: ICC11-4111, DA-4111 (In OR: ICC11-4111); Guaranteed Income Annuity Contract Form Series: ICC14-4120, SPIA-4120 (In OR: ICC14-4120).
This is a summary of insurance/contract provisions and does not contain all of the benefits and exclusions. For complete terms of the insurance coverage or annuity, please contact your insurance professional or refer to the policy/contract.
As your life progresses, converting your life insurance policy is something that you may consider.
The kids are gone and you’re officially an empty-nester, so it’s a great time to get rid of your life insurance, right? Not so fast.
Understanding your options can go a long way to ensuring that you have the right type and amount of coverage.