Reasons to Review Your Life Insurance Strategy Now

Consider reviewing your life insurance policies with your advisor

From my experience, there are many circumstances why you should immediately evaluate your Life Insurance strategy.

1. You might have changed jobs – or received a pay increase or decrease
2. You could have moved, sold or bought property, including a home
3. You might have gotten married or divorced
4. Perhaps you had a child – or are thinking about sending a child to college
5. You might be wondering if some of the insurance policies you’ve purchased over the years still provide       the benefits you signed up for

Your Life & Health Insurance Review Checklist

Underutilized Health Insurance

If provided by your employer, are you taking full advantage of your health insurance? Have you chosen deductibles that are reasonable in relation to your needs to keep premiums as low as possible?  If you retire before Medicare age of 65, do you have a insurance agent that represents ALL available insurance companies in Indiana to ensure that you have the best avaibale coverage for the most competitive price.  We have two in-house insurance representatives that can help you purchase the best health insurance plan available.

Inadequate Disability Insurance

Do you have adequate short-term and long-term coverage? Do you understand all of the details such as waiting periods, disability definitions and any total limits?  Disability benefits end at age 65 no matter when you purchase.  If you have a current policy let one of our Tradewell Insurance Agents help you review this policy.  If you do not have Disability coverage let one of our Insurance Sales Professionals help you purchase the best policy available for your specific needs.

Long-Term Care Insurance

Many start looking at long-term care policies at about age 50.  With rising nursing home costs, it may be prudent to review this type of protection earlier rather than later.  There is a 45% chance that you will not need this type of coverage which includes; In-Home Care, Adult Day-care, Assisted Living and Nursing Home coverage.   If you have a medical issue that lands you in the hospital then a Nursing Home, Medicare does not cover this expense, you do.  Either we mitigate this risk with some sort of coverage or the costs comes straight from your retirement account.  We have many options available such as; traditional coverage where you make monthly or annual premium payments,  or Asset Based Long Term care where you leverage a current assets like your IRA.  No premium payments and you can have all your money back when ever you want with no charges against your IRA.

Not Enough Life Insurance

Are you taking advantage of employer sponsored coverage or that available through a professional organization? If purchasing individual coverage, do you have enough? Tradewell Tax & Financial Insurance and Annuity Advisers suggest that the primary breadwinners should have insurance equal to six to 10 times their annual incomes. Have you considered whether term or whole life policies provide the right combination of coverage and financial security?  There is not better time to buy more life insurance than now.  I recommend that you purchase as much as you can afford now, as we can always drop coverage later as your need to protect your family decreases over the years.  

Have you protected your household against an unexpected loss of income?

Whatever your approach, don’t let DAILY LIFE distract you.  Review your life insurance strategy with a Tradewell Tax & Financial Advisor soon to determine if your policies are adequate – or whether there are gaps that need to be filled – for the sake of you, your family and your estate. The right blend of policies can help you manage your church tithing, debts and family needs when you are no longer here. 

Let experience be your guide

If you are saving for retirement, but not taking advantage of tax-deferred investing, it could have a dramatic impact on your future. Consider consulting with an experienced representative today on how tax deferral can positively affect the growth of your retirement assets.

About Mike Albertson

The Founder and CEO of Tradewell Tax & Financial, Mike is also a fee-based Investment Advisor Representative and Fiduciary who is required to put his clients’ interests before his own. In 2002 Mike entered into the financial services sector as a way to learn about people and help them.

Since those early days his practice has grown into one of the Fort Wayne region’s best investment management firms.  Applying his unique quarterbacking approach to traditional planning and investment management, Mike supervises a full-time team of attorneys, Enrolled Agent, tax advisors, and insurance professionals.


Mike Albertson is an Investment Adviser Representative. Advisory services offered through Secure Asset Management, LLC (SAM) a Registered Investment Adviser.

Wes Phelps is an Investment Adviser Representative. Advisory services offered through Secure Asset Management, LLC (SAM) a Registered Investment Adviser.

Tradewell Tax and Financial is not affiliated with Secure Asset Management

Representatives of Tradewell Tax and Financial are authorized in states where they are properly registered. Mike Albertson: FL, IN, KY, OH, SC. Clients who are not residents of these states cannot be serviced.

This website is not intended to provide investment, legal, or tax advice, nor to effect securities transactions or to render personal advice for compensation. Tradewell Tax & Financial is not engaged in the practice of law.

All insurance recommendations will be provided by a state licensed Tradewell Tax & Financial insurance agent.

There are no assurances that you will achieve your investment objectives. All investment strategies have the potential for profit or loss. Changes in investment strategies, economic conditions, contributions, or withdrawals may materially alter the performance of your portfolio. Past performance is no guarantee of future success. We provide no guarantee that any portfolio will match or outperform any benchmark.

Recommendations and advice are based on information provided by the client that is presumed to be accurate. The financial planning process is not stagnant and must be adjusted based upon changes in the client's personal and financial situation, liquidity needs, investment objectives, and risk tolerance. Clients are responsible for notifying us immediately if their personal and financial circumstances or goals change.