Do I still need life insurance in retirement?
It depends on your specific situation. Some retirees may be able to reduce or eliminate life insurance if:
They no longer have dependents who rely on their income
They have sufficient assets to provide for their spouse’s needs
Their debts are paid off, including their mortgage
However, you might want to maintain coverage if:
Your spouse would need income replacement
You want to leave money to heirs or charity
You have estate tax considerations
You want to ensure funds are available for final expenses
The answer varies based on your financial situation, family needs, and personal goals.
How much does insurance analysis cost?
Our insurance analysis is included as part of our comprehensive financial planning services for clients. For those seeking standalone insurance analysis, we offer this service on a project basis. During your complimentary 30-minute consultation, we’ll discuss your specific needs and provide transparent information about costs.
As fee-only advisors, you pay us directly for our advice rather than through insurance product sales, which helps ensure our recommendations focus on your best interests.
Will you try to sell me insurance products?
No, we do not sell insurance products. As fee-only financial advisors, we provide objective analysis and recommendations, but we don’t sell or earn commissions from insurance companies.
If our analysis suggests you need additional coverage or changes to existing policies, we can:
Provide specific recommendations for coverage types and amounts
Help you understand what features to look for
Work with your existing insurance professionals
Help you find qualified insurance agents if needed
This approach allows us to provide unbiased advice focused solely on what’s appropriate for your situation.
What is a stepped-up basis and how does it help my heirs?
A stepped-up basis is a tax benefit that can significantly help your heirs. When someone inherits investment assets like stocks, mutual funds, or real estate, the “cost basis” of those assets gets “stepped up” to their fair market value on the date of death.
Example: If you bought stock for $10,000 that’s worth $50,000 when you pass away, your heir’s new cost basis becomes $50,000. If they sell it immediately for $50,000, they owe no capital gains taxes on the $40,000 of growth that occurred during your lifetime.
This benefit applies to most investment accounts, real estate, and other capital assets, but not to retirement accounts like IRAs and 401(k)s. Understanding stepped-up basis can influence decisions about which assets to spend during your lifetime versus which to leave to heirs.
How often should I review my insurance coverage?
We generally recommend reviewing your insurance coverage:
Annually as part of your overall financial plan review
When major life events occur such as marriage, divorce, birth of children or grandchildren, or death of a spouse
When approaching retirement to reassess needs as your income and obligations change
When policies come up for renewal to ensure you’re still getting good value
When there are significant changes in your financial situation such as paying off your mortgage or inheriting assets
Regular review helps ensure your coverage remains appropriate and cost-effective as your situation evolves.
Do you work with my existing insurance agents?
Yes, we’re happy to work with your current insurance professionals. Our role is to provide objective analysis of your coverage needs, while your insurance agent or broker can help implement any recommended changes.
We can:
Share our analysis and recommendations with your agent (with your permission)
Help you ask the right questions when shopping for coverage
Review proposals and help you understand the options
Coordinate timing of changes with your overall financial strategy
This collaborative approach often provides the best outcome, combining our objective analysis with your agent’s product knowledge and service.
Do you help clients in all of Northeast Ohio?
Yes, we serve clients throughout Northeast Ohio from our three convenient office locations:
Hudson Office: Serving clients in Hudson, Stow, Cuyahoga Falls, and surrounding Summit County areas
New Philadelphia Office: Serving clients in New Philadelphia, Dover, Canton, and the broader Tuscarawas County region
Akron Office: Serving clients in Akron, Barberton, Green, and surrounding areas
We also offer virtual consultations for clients who prefer to meet remotely or have scheduling constraints. Many of our clients appreciate the flexibility of combining in-person meetings with virtual check-ins as needed.
Our focus is on serving families and individuals approaching or in retirement throughout Northeast Ohio, regardless of which office location is most convenient for you.
We are a fee-only fiduciary financial advisors here to help Ohio families approaching and in retirement navigate complex decisions. We bring specialized expertise in retirement income planning, tax strategy, and wealth preservation.
More Frequently Asked Questions
Claiming Strategies
Benefit Optimization
Spousal Benefits
Survivor Planning
Delayed Benefits
Social Security Taxes
Retirement Timing
Medicare Enrollment
IRMAA Planning
Part D Coverage
Healthcare Costs
Medicare Advantage
Enrollment Deadlines
Retirement Healthcare
Roth Conversions
RMD Planning
Tax-Efficient Withdrawals
Retirement Taxes
Tax Projections
Social Security Taxes
Capital Gains Planning