Col Poly San Luis Obisbo graduate.<\/p>\n\n\n\n
Layed off from Carefusion in 2017.\u00a0 50 year old woman, 1 interview in 9 months.\u00a0 Transitioned to personal financial advisor.\u00a0\u00a0 Series 7, Series 66, Insurance Licenses (CA and AZ) \u00a0Decided to focus Retirement Income Certified Professional.\u00a0 Also got specialization as divorce financial analyst.<\/p>\n\n\n\n
Healthcare costs are high. Covered California $1,000 for two people and $1,500 for four people.<\/p>\n\n\n\n
Questions:<\/p>\n\n\n\n
- \n
- Retirement before age 65, is Covered California the only choice<\/li>\n\n\n\n
- Long term care insurance; plan for long term care coverage<\/li>\n\n\n\n
- Difference between whole life, universal, and other insurance<\/li>\n\n\n\n
- Business owners: how to save and plan<\/li>\n\n\n\n
- Single, mid-40s: how to save and plan for retirement and at what age. Is it worth buying real estate. How to put together a comprehensive financial plan.<\/li>\n\n\n\n
- Close to retirement, mid-60s. How to use financial planner and retire at age 65. How to consider lifestyle and long term care plan or insurance.<\/li>\n\n\n\n
- 57, what does a 10 year plan look like to retire at age 67? Don\u2019t want to run out of money with family members that live a long time (90+ years old).<\/li>\n\n\n\n
- How do long term care insurance payouts work? Couldn\u2019t get the money. Frustrating.<\/li>\n<\/ul>\n\n\n\n
Insurance agent should help with payouts from longterm care insurance carrier.<\/p>\n\n\n\n
Two types of insurance:<\/p>\n\n\n\n
1)temporary<\/strong> insurance \u2013 shorter term. Use it or lose it. 1-2% chance that anyone will cash in on that type of insurance.<\/p>\n\n\n\n
2)permanent<\/strong> \u2013 several flavors such as Whole Life. While you pay your premium, we will give you an interest rate. Can be cashed out. Or, pay 20 years of premium and then get reduced coverage for the rest of your life; not growing anymore but still have security of the coverage. A variety of whole life is a universal life insurance. Whole life most conservative life insurance. Variable Universal Life, separate monies get invested and the coverage can grow. Past health issues affect your ability to get health insurance. With variable, you hope the investment will grow. Policy could have a living benefit rider that allows payment for your care. Agent or financial planner will look for an insurance company that has the options.<\/p>\n\n\n\n
Long term care insurance is just like life insurance: has both permanent and temporary policies. Mostly permanent policies- look at payout period (i.e. 90 days waiting period) and daily payout (i.e. $500 max per day) or monthly payout (i.e. flat rate each month). Look for the monthly benefit. The payouts are established at the time you purchase the long term care policy. Get inflation protection (i.e. 3% interest). Healthcare costs are growing at 6-7% per year, keep that in mind. Insurance based on age, health, time of coverage. Average for women for long term care need is 6 \u2013 8 years. Use other tools and investments to mitigate the need for long term care insurance. Look at annuities as option.<\/p>\n\n\n\n
How much money does it cost for care attendant? How much should we have? We just don\u2019t\u2019 know.<\/p>\n\n\n\n
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