Today I’m tackling part 2 of our life insurance in retirement series.

To help, friend and fellow financial planner, Stephanie McCullough stops by.

Together, we cover three main things:

We also break down 1035 exchanges + how you can help family members with old insurance policies.

If you’re ready to get into the technical weeds today and tie a bow on permanent insurance in retirement, this episode is for you!

5-Step Process for Evaluating an Existing Permanent (Whole Life Insurance) Policy

1. Identify the type of insurance. Insurance products often have catchy names that don’t always reveal the exact type of insurance you have. 
2. Uncover the fees, guarantees, and riders. During this step, attempt to see if any of the riders are optional. 
3. Understand the tax consequences for canceling the policy. In addition, determine if there are any termination or surrender fees.
4. Request an in-force illustration. Getting answers to the questions in steps 1-3 can be difficult. An in-force illustration will give you all the information you need. I would also request a copy of the original policy documents so you have the fine print in your hands. 
5. Go through the 3-step risk management process we discussed in this series. This process will help you evaluate your need for the type of insurance you have and lead you to make an informed decision.

How to Listen to Today’s Episode

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Episode Links & Resources:

• 👉 Get Your One-Time Retirement Plan
• Stephanie McCullough
  • Sofia Financial
  • Take Back Retirement Podcast
• Jeremy Schneider
  • Personal Finance Club
  • Instagram
  • TikTok
• Resources Mentioned:
  • Integrating Whole Life Insurance Into a Retirement Income Plan [Wade Pfau]
  • Evaluate Life Insurance [James Hunt]
  • Low Load Insurance
  • DPL Insurance

Episode Transcript

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