Career or Job Change

You've Changed Jobs or Careers, or Started Your Own Business and need advice on:

• What to do with your IRA
• What Health Insurance Options are there
• Do you need Disability Coverage 
• How to set up a Retirement Plan
• What other Insurance Coverage should you have 
• How Self Employed or Small Business Owners get Benefits

Things to consider:

• When you change jobs (or in between jobs), there may be a waiting period before you qualify for health insurance, so you should consider using COBRA or getting a short-term policy.
• You may want to roll over your 401(k) to a new plan or to an IRA so it's easier to keep track of your accounts.
• If there is a need for other health benefits, such as vision and dental insurance, or disability type plans -  be sure to research whether they make financial sense for you.

Rollover IRAs or 401Ks 

Rolling an IRA into an annuity is also a tax-free process. Annuities funded with an IRA rollover are “qualified” plans. This enables insurance companies to create “IRA annuities” into which an investor can directly deposit their retirement funds. Additionally, there are no distribution taxes either. 

While pension and other pre-tax distributions can be subject to taxation when withdrawn, federal law permits prospective investors to roll their payments into an immediate annuity tax-free. And of course, the funds within the annuity will continue to grow tax-deferred. 

By rolling an IRA into an annuity with a lifetime income benefit, an investor can enjoy an income stream based on a predetermined and guaranteed rate, even in a down market. Recent market turbulence only serves to strengthen this point. Throughout the country, millions of workers approaching retirement have discovered that their plan balances are now too low to provide them with the income they need when they stop working. Furthermore, in addition to providing protection to one’s beneficiaries, certain annuities have inflation adjustment features to ensure that lifetime income keeps up with increased cost of living. 

Short Term Medical Insurance, also known as temporary or term health insurance, is a type of health insurance coverage that provides temporary coverage for unexpected illnesses or injuries. It is often used as a bridge between coverage periods or as a temporary solution for those who are uninsured or between jobs.

Benefits Summarized:

• Temporary Coverage of 3, 6 or 12 months for people in good health
• Easily obtained, short approval process, just a few questions
• Nationwide PPO Plans available
• Works with the Cigna or Aetna Networks 
• Typically more cost effective vs ACA Plans (Obamacare) 
• Assessable for Doctor Visits & Urgent Care 
• Good option for job changers, self employed, or people in between jobs
• Works well with Supplemental Plans like Accident coverage, Critical Illness, or Hospitalization plans 

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Retirement

Create your Retirement Plan. 

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Permanent Insurance (Whole Life or Index Universal Life) 

Permanent life insurance policies provide lifelong coverage -- even if you live to 100, the policy will pay a benefit as long as premiums are paid.1 Permanent policies have another important feature: they build cash value. Premium dollars can contribute to a policy’s cash account while  growing – tax-deferred – and can be used while you're still alive. Over time the cash account can grow into a sizable asset that can be borrowed against with tax advantages, used to pay premiums, or even surrendered for cash to help fund your retirement. 

Life Insurance can be used as part of a retirement plan with the living benefits: 

• Cash available via loans
• Retirement Income
• Loan Collateral
• Cash Asset
• Creditor Protection
• Long Term Care Riders 

IUL - Index Universal Life 

Indexed universal life (IUL) insurance is permanent, which means it lasts your entire life and builds cash value. An IUL policy allows for some cash value growth through an equity index account, unlike other universal policies that only grow cash value through non-equity earned rates. Like with all universal life policies, once you've built up enough cash value, you can use it to lower or potentially fully pay for your premium without lowering your death benefit. 

Benefits of the IUL:

• Higher Return Potential with link to the Market
• Greater Flexibility, no Qualified Plan rules  
• Principal protection and ability to Lock in Gains 
• Tax-Free Income thru the Cash Value 
• No Contribution Limits 
• No Social Security Impact
• Death Benefit tax free to beneficiaries 

Long Term Care - some permanent life insurance policies have riders that can provide long term care if needed. 

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