Mark Zayti started in the insurance business in 1991. He opened GreenLine Retirement in 1992 to help his clients Protect their assets and life needs. Zayti is very proud to be an Approved Member of the Better Business Bureau, the National Ethics Society, and the National Association of Insurance & Financial Advisors. In the following article, Mark Zayti discusses the importance of insurance in a financial plan for retirement.

Individuals work tirelessly to save for their twilight years, and when the time comes, they want to know their hard-earned cash is protected, guaranteeing long-term stability. And, unbeknownst to many, insurance is the answer.

With the astronomically high inflation rates experienced over the past few years and the ever-rising living costs, failing to have the right insurance policies in place could leave retirement savings floundering in too-deep water. However, those who act fast and acquire the necessary coverages deftly shield their pot from cost tsunamis.

Mark Zayti Encourages Seniors to Understand the Importance of Insurance in Financial Planning

Insurance policies should be a quintessential part of anybody’s financial portfolio for many reasons, especially as they near or enter retirement. Those who wish to carry on their current lifestyle throughout their later years must think carefully about their coverages to avoid any well-laid monetary safety nets being swept away.

Mark Zayti explains that while the reasons are endless, professionals across the country cite the following as the most pivotal:

Financial Security

Emergencies can be catastrophic — not just to life and limb, but to money, as well. Even the flushest savings accounts can be run dry by unexpected scenarios. Unless insurance compensates the suffered loss, of course.

Policies offer financial security like nothing else, giving individuals the knowledge they’re financially safe is a less-than-ideal scenario ensues. Mark Zayti also mentions that it ensures the retirement corpus remains firmly in place, regardless of the situation that may arise.

Safeguarding Against Risk

Risk-mitigation is an investor’s favorite term, and insurance coverage helps retirement planners do just that. It acts as a safety blanket in the event of a monetary loss that could happen in an unforeseen occurrence like hospitalization or death.

The Often-Overlooked Tax Benefits

Taking out the right policies, such as life and health insurance, opens a variety of tax benefits and exemptions to the covered individual. Mark Zayti says that paying premiums can lower taxable incomes, providing rewarding financial benefits for those who acquire policies.

On top of that, some life insurance policies offer a cash value, which allows holders to grow investments within the policy.

Generally speaking, the death benefit is income tax free for heirs, too. And for high-net-worth people whose beneficiaries would face state or federal estate tax, an insurance policy within an irrevocable trust can expertly avoid these otherwise-hefty fees.

Distinct Needs, Distinct Plans

Mark Zayti explains that insurance plans exist in a myriad of forms, guaranteeing everybody has access to a coverage that suits them and the specific risks they may face. Some of the most useful policy types include but aren’t limited to:

• Health insurance in case of illness.
• Life insurance to protect against premature death.
• Home insurance for homeowners to protect their building and its contents.
• Disability or income replacement to safeguard monthly money due to health changes.
• Specialty insurance for people who own businesses.
• Auto insurance to cover the costs of damage to cars, motorcycles, or vans.

Mental Tranquility

Peace of mind is an often-disregarded importance, but one that has the power to change people’s financial outlook. Upon obtaining insurance, those entering their twilight years can rest easy in the knowledge that their funds won’t be threatened during emergencies. This doesn’t just provide the individual with financial independence, but also their family.

Portfolio Diversification

Mark Zayti says that those in higher income tax brackets often max out their qualified retirement plan contributions. When this happens, they may believe they’re out of options. That’s far from the case. Cash value life insurance policies generate tax-deferred growth, allowing maxed-out individuals another portfolio diversification avenue.

Perhaps one of the best features of the aforementioned life insurance plan is that people can withdraw money whenever they need it without penalties because they’re just taking back their own worked-for cash.

Insurance Policies: The Ticket to a Protected Fund and a Worry-Free Retirement

Mark Zayti says thar whether its travel insurance, life insurance, home insurance, lifetime annuities, dental insurance, motor insurance, or another of the myriad of policies available in the United States, those who incorporate these fund-protecting coverages can rest easy throughout their twilight years knowing their toiled-for savings are safe and sound.