Upright Planning
Insurance
Insurance is a form of risk management in which the insured transfers the cost of potential loss to another entity in exchange for monetary compensation. Everyone that wants to protect themselves or someone else against financial hardship should consider insurance. This may include:
Life Insurance
Long-Term Care Insurance
Disability Insurance
Health Insurance
And many more
Many retirees have paid off their house. They live comfortably with income from social security or pension. They do not need much income from their retirement plans. However, they do not have good means to use their excess money from Required Minimum Distribution (RMD) from their retirement accounts.
At Upright Planning, we usually recommend those retirees to consider increasing their long-term care insurance in protecting their retirement assets and enhance their assets for beneficiaries. A life insurance with long-term care ride can be a good vehicle to fulfill this purpose.