Tag : retirement planning southlake texas

5 Misconceptions About Life Insurance

Most new clients have some sort of preconceived ideas about life insurance. And whether or not they already have life insurance, chances are they are underinsured.


At Metroplex Wealth, we’re here to set the record straight. We work with clients daily to optimize their retirement planning near me in Southlake, Texas. Through our years of experience, here are 5 common misconceptions about life insurance that we often encounter:


  1. You Can’t Purchase Life Insurance with Health Issues.

Sure, having a preexisting condition like diabetes or high blood pressure may raise your rates, but typically, term life insurance can still be had – even if you do have pre-existing health issues. A firm for retirement planning near me can get quotes from several different companies, ensuring you receive the best rates and the best package to meet your financial needs.


  1. I Already Have Life Insurance. I’m Good.

Already owning life insurance is a great place to start! But our next question is, when was the last time you assessed your life insurance needs? Often, our life changes – we add more children, we buy a new house, we become empty nesters – but we forget to reevaluate our life insurance strategy and whether or not we have the appropriate coverage for the next stage of life. It’s also important to note that life insurance that is offered from work, while valuable, is rarely enough to provide the coverage you need.


  1. The Premiums are Too High.

At Metroplex Wealth, we think you would be surprised to learn the cost of various insurance premiums. Many clients actually overestimate the premiums on coverage! Even the premiums on a $2 million dollar policy are very affordable when you look at the big picture and securing the financial freedom of your loved ones.


  1. Singles Don’t Need Life Insurance.

Each and every client, single or not, needs to evaluate their life insurance needs. Even if you are single, there may be sound reasons for life insurance. Do you have children? Do you own your own business? Are there aging parents relying on you? The last thing you would want to do is leave someone else with a financial burden upon your death.


  1. Putting Money in Savings is Better than Life Insurance.

Proper retirement planning is based on a healthy balance between saving and insurance, with life insurance being a key component in many strategies. Often clients have the best intentions of saving, but those intentions often fall short, leaving glaring gaps in their financial security.


At Metroplex Wealth in Southlake, Texas, we look at all aspects of retirement planning near me. If you are in need of life insurance, or are unsure if your coverage aligns with your financial goals, let’s talk about it. Give us a call today to set up a consultation.

How are You Paying for Healthcare Expenses in Retirement?

A recent study from Fidelity found that a newly retired couple at the age of 65 will need about $285,000 to cover healthcare expenses in retirement.

While many of our clients do an excellent job of planning for retirement, the idea of planning for healthcare expenses that high aren’t even on their radar. Most people think their healthcare expenses will be a lot less, but the above statistic is a reality for most.

Metroplex Wealth is passionate about helping you gain traction with a well-rounded estate planning approach that includes planning for healthcare expenses in retirement. Here are a few things to consider as you tackle the issue:


Medicare Has Its Limitations

If you’re assuming Medicare will pick up the bill for healthcare expenses in retirement, chances are, it won’t be a holistic approach. For example, Medicare is not equipped to cover the costs of prescription drugs that can be very expensive if it’s lacking the Medicare Part D policy. You’ll also have limitations on vision and dental benefits, depending on the plan. Medicare participants can go into retirement expecting the pay deductibles and out-of-pocket expenses for things not covered.

Options for Pre-Retirees

If you haven’t yet retired and are looking to the future, there are some ways to plan for healthcare expenses and protect your hard-earned assets. For many clients, we recommend taking full advantage of an HSA, or Health Savings Account, because of its tax-deductible contributions, tax-deferred growth, and tax-free withdrawals. Long term care insurance is another great option, but pricey. It will help cover living expenses for extended care without draining your nest egg. Younger couples may get better rates for buying into this program earlier or coupling it with a life insurance policy.

If you’re interested in exploring retirement healthcare planning options that are right for you, call us at Metroplex Wealth in Southlake, Texas today for a consultation.