Life Insurance in Melbourne, FL

Do You Have The Right Insurance Plan In Place for Retirement?

Broadly speaking, resilience is the ability to recover from adversity. It’s important in every aspect of life, including your finances, and especially during retirement. You can’t control all the circumstances that might shake your financial stability, but you can take steps to help improve your financial resilience in retirement, and life insurance is one of those things.

To start, let’s look at some of the issues that make resilience so important during retirement. Topping the list are healthcare costs and medical emergencies. It’s no secret that as you get older, your healthcare needs increase. What some people don’t realize is that healthcare inflation outpaces the general inflation rate by a huge margin.

That’s bad enough, but if a major medical event or other unexpected accident or emergency hits you during retirement, it can rapidly drain your savings. If you’re not prepared, you may end up recovering physically, but not financially. This issue only gets more challenging as you get older. That’s why it is essential that you have the right insurance plan in place for your situation.

For example, you could quickly run out of money in retirement if you need long-term care and don’t have a plan to pay for it. According to the 2021 Genworth Cost of Care Survey, the average annual cost of care in an assisted living facility was $51,600. The annual cost of a private room in a nursing home is over $105,000.1

Insurance Strategies to Help You Be Financially Prepared For The Unexpected

There are several insurance strategies that can help you be financially prepared in the event that you do end up needing long-term care. Options include getting a long-term care insurance policy, a hybrid life insurance policy that will pay out if you need long-term care, or a longevity annuity.

Get an answer to your life insurance questions and strategy options. Schedule a free consultation with Arbor Financial Services of Florida Inc today,

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Arbor Financial Services of Florida is a full-service financial firm dedicated to helping those in the Melbourne, FL area meet their long-term financial goals. Our team of financial advisors and wealth managers are experienced in helping clients preserve their savings, so they can use it as a source of steady income in retirement.

All written content on this site is for informational purposes only. Opinions expressed herein are solely those of Arbor Financial Services,  and our editorial staff. Material presented is believed to be from reliable sources; however, we make no representations as to its accuracy or completeness. Investing involves risk. There is always the potential of losing money when you invest in securities. Asset allocation, diversification and rebalancing do not ensure a profit or help protect against loss in declining markets. All information and ideas should be discussed in detail with your individual advisor prior to implementation. The presence of this website, and the material contained within, shall in no way be construed or interpreted as a solicitation or recommendation for the purchase or sale of any security or investment strategy. In addition, the presence of this website should not be interpreted as a solicitation for Investment Advisory Services to any residents of states where otherwise legally permitted to conduct business. Fee-based financial planning and Investment Advisory Services are offered by Sound Income Strategies, LLC, an SEC Registered Investment Advisory firm. Arbor Financial Services and Sound Income Strategies  are not associated entities. Arbor Financial Services is a franchisee of Retirement Income Source. Retirement Income Source and Sound Income Strategies are associated entities. © 2023 Arbor Financial Services

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