When I talk about asset optimization with clients, I ask a crucial question: “Do any of you have a pension coming up?”
You’d be surprised how often the answer is yes. For example, a client might say, “Oh yeah, my wife was a school teacher for 30 years, and she’s going to get $5,000 a month in a defined benefit pension.” I then point out that the $5,000 a month is only if she selects the no-survivor benefit option. They’ll likely be encouraged to take a reduced amount, like $4,000 a month, so that if she dies first, the spouse will continue to receive $4,000 a month.
But here’s the thing, that’s the most expensive insurance you’ll ever purchase. Instead, I suggest taking the full $5,000 a month and putting the extra $1,000 into an Indexed Universal Life (IUL) policy. This strategy offers all kinds of flexibility. You can name different beneficiaries, ensuring your children won’t be disinherited. It’s a no-brainer.
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