Brian Harrington

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Liquidity When You Need It: At Death, Retirement or for Long-Term Care Expenses | Jim Roberson | TRC Financial

Think about it - one policy that provides liquidity upon your death, liquidity to supplement retirement, and liquidity in case of a long-term care event.

As a leader in the life insurance industry and through our membership in M Financial, we have had the privilege of sharing with our carrier partners what clients need and turning those needs into products priced and built for the affluent. A common frustration for any successful individual is having to acquire a variety of insurance products to protect against different risks. We understand that frustration and have worked to design and deliver a single life insurance policy to help protect against three risks during three critical life stages. The importance of each of the 3 life stages depends on your financial profile. However, a critical feature of any financial plan is one that delivers good economics while providing flexibility as needs change throughout the years.

Your Life Stages

Life Stage 1 (Age 50 to 65)

You should start to think about transitioning some or all of your life insurance death benefit protection from term life insurance to permanent life insurance. The death benefit is the critical liquidity you are counting on to pay a tax-free lump sum to your heirs in the event of an early death.

Life Stage 2 (Age 65 to 80)

You are evaluating your liquid net worth to determine if you have sufficient assets to fund your retirement income needs. The underlying cash value in your permanent life insurance policy can be a critical asset to use if you need additional retirement income. You have the following options with your life insurance policy’s underlying cash value or potentially the death benefit:

  • Take tax-free policy withdrawals up to total premiums paid

  • Take tax-free policy loans without triggering tax on policy gains

  • Execute a tax-free 1035 exchange to a guaranteed or variable annuity contract to generate consistent retirement income

  • Sell the policy to the secondary market for cash which is referred to as a life settlement

Life Stage 3 (Age 80+)

A long-term care medical event starts to become statistically meaningful. The reality of your individual circumstance is the probability is either 0% (you will never experience it) or 100% (you will have a long-term care medical event). We can structure the life insurance death benefit to provide substantial benefits in the event of a long-term care need. When available, our preference is to have an indemnity-based long-term care benefit. Unlike reimbursement definitions, you do not need to submit bills, receipts or any other type of monthly paperwork. You simply receive a check each month.

Jim Roberson is the Principal of TRC Financial and Boli Rescue. He co-founded technology company Drawloop which was acquired by Nintex. Jim is an alum of USC Marshall School of Business.


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