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Advanced Senior Advisors' Blog

When to approach your parents about end of life planning...

10/12/2017

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While it is never comfortable for any family to discuss end of life plans with the parents or grandparents, sooner is always better than later. Working through the discomfort now can alleviate a multitude of problems later.
​

Today, I will talk about all the pros and cons of tackling this issue. At Advanced Senior Advisors, we are strong advocates of clarity, openness and honesty within families and always encourage them to plan ahead and avoid all the possible aggravation and discomfort someone’s passing may bring if a family is not united. We have seen it way too many times first-hand and know that when the situation happens it is just a very painful experience for everyone involved.
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Reasons why you should talk to your family sooner:
  • Funding a funeral plan with whole life insurance at age 65 can cost up to 50% more than funding it at 55, and funding it at 75 can cost up to 165% more than at 55.
  • Monthly payments and availability change drastically with changes in health.
  • More companies are available to shop for the lowest rates at earlier stages of your life.

"With My Parting Gift service, our goal is to help families deal with the problem of end of life planning in the kindest and most economical way possible."​

The rewards that earlier planning and discussions bring:
  • A family that plans together is closer and more understanding of each other.
  • Putting the anxiety of dealing with end of life planning and funding a funeral behind allows you to occupy your time with more enjoyable concerns.
  • The value of a family coming together on that difficult day to celebrate their loved ones passing and strengthen the family bonds without having to deal with the funding and other details of the memorial service is immeasurable.
​I used our free planning tool to set up my memorial funding when I turned 65, but had the funding in place in my 40s. My friend waited till her 50s and was very fortunate, as she contracted breast cancer not long after. She has been an inspiration to all who know and love her as she fought through a year of surgery, chemo and radiation. She is doing well now, but would be ineligible for the insurance she purchased when health wasn’t a concern.
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There are various ways of covering final expenses. We believe in traditional whole life insurance as the best vehicle in most cases because it is safe and costs pennies on the dollar. Even if money is not a concern in your family, planning is still important. The details of dealing with the passing of a loved one are complicated.

When that day comes for me, I know my children won’t be fighting over which cemetery, casket, flowers or transportation to choose because I have already done that based on what I want. 
It is my wish for them to be grieving, remembering and celebrating our lives together rather than arguing and dealing with frustrating administration details of my memorial service.

The Best Time is Now!

Dennis Waton
President of Avanced Senior Advisors and creator of My Parting Gift

Give us a call today!
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How to choose your final expense funding insurance

10/9/2017

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Today I would like to talk about ways to approach the challenges that end of life planning can bring. That includes recommendations for best types of policies there are, with their pluses and minuses and all the other characteristics they feature.
There are various types of insurance used by individuals. Each was created to satisfy specific needs.

In general, the goal of insurance is to take a risk that a single person can’t afford and spread that risk among as large a group as possible, therefore sharing that risk and making it affordable for the individuals benefiting from it. As the risk of dying is 100%, and most of us want to live as long as possible, we, as insurance agents need to make sure that end of life plans are funded with the type of insurance that our customer can afford now, and will be able to keep in place until that day comes.
​At Advanced Senior Advisors, we exclusively recommend traditional whole life insurance cover because it offers strong guarantees. With the whole life insurance policy, the contract guarantees that the insurance company can never increase payments or decrease benefits.
Not wanting to go too much into detail, but for your reference, I will quickly cover other types of insurance that are available, and sometimes inappropriately used to fund funerals and final expenses.
"We make sure that end of life plans are funded with the type of insurance that our customer can afford now, and will be able to keep in place until that day comes."
types of insurance My Parting gift recommends
​First, I want to point out a type of whole life insurance that is many times misunderstood by the people who buy it. It is quite like a traditional whole life plan except that instead of a straight guarantee that rates will never go up, the contract guarantees that rates will never go up individually. In reality that means that if premiums are raised on all policies in your class i.e. same age and state, your premium will be increased also. In my experience, I have not seen one of these plans not raise premiums regularly, so watch out or give us a call if you need advice. See our contact page here...
​Next, we look at term insurance. Term insurance is designed to cover a risk that will disappear during your lifetime. Protecting your family’s home, and children’s education in case of your premature death is the most common usage of this type of insurance. Depending on your age, you can get various guarantee periods to protect from premium increases. But even with guarantee periods, the insurance companies have minimal risk that their average client (who needs to be in good health to qualify for larger guarantee periods and affordable cost) will pass away during the duration of the guarantee period. Simply put, it is the most economical way to insure big risks that will not need insuring past a certain point. That point of course is not calculated to be your death, which is why the premiums are so much lower per dollar of benefit than a traditional whole life policy.

"Whole life insurance guarantees that the company can never increase payments or decrease benefits."

​The last major category of insurance is called universal life insurance. It is really a mix of whole life, term life, and an interest-sensitive life element. The contracts can have many applications. They are used as forced savings systems, and for some, a financially safe and sound system for investing. Like all the other systems that we could use, I would ask the question: what happens if the investment portion of the contract doesn’t perform as expected, and you only get the gain from the small guaranteed floor rate? The answer is that when there isn’t enough cash value to support the death benefit, you will either have to take whatever cash is left after loan repays and surrender charges, increase your payments, or reduce your death benefits. Again, in my opinion, not the proper vehicle for guaranteeing that the benefits will be there for your family at the end of your life.
let us guide you
I tried to simplify the general differences between common types of insurance. Unfortunately, I realize that in reality it is a very complicated subject.
So we are here to help and would be delighted to guide you or your loved ones through the choices that exist for planning and funding your end of life plan.

Dennis Waton
President of ASA Agents and creator of My Parting Gift
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    Dennis Waton - President of Advanced Senior Advisors LLC

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