What Happens to Your Life Insurance Policy When You Retire
January 3, 2022
What Happens to Your Life Insurance Policy When You Retire? It is always worth remembering that you only have one chance at planning your retirement
Educating you first,
Guiding you second!
serving the state of michigan for over 30 years.
Feel financially confident
Helping you reach your financial goals by educating and guiding you! At Integrated Financial Services, we will guide you financially by providing you with the education you need to make financially secure decisions for your future.
As a retirement management company, our trained financial advisors will guide you through the complicated financial policies, tax concerns, and decisions associated with managing your wealth.
We offer the following financial services:
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Frequently Asked Questions
In most jurisdictions, there is no specific or legal certification or licensing needed for an individual to hold themselves out as a “financial advisor”. Because of this, anyone who helps manage money, could use the term financial advisor. Non fiduciary advisors typically have no requirement to put your interests ahead of their own – typically, the ONLY requirement, is that their recommendations be suitable. Non fiduciaries can choose products that offer higher commissions or have higher fees than other options. A “fiduciary” financial advisor is very different. A fiduciary financial advisor is legally required to put your interests ahead of their own. All Certified Financial Planners™, are required to act as fiduciaries when dealing with their clients when providing financial advice.
The role of a financial advisor is to be a guide, who can assist in navigating the complexities of your financial life. It’s their job to help you understand the risks and rewards of the decisions you make. For this reason, it may be preferable to choose fiduciary advisor, who’s legally required to put your interests ahead of their own when making recommendations. In addition to choosing a fiduciary advisor, you may also want an INDEPENDENT rather than CAPTIVE fiduciary advisor. Some financial advisors are “captive” to the company that hires them and may ONLY sell that company’s proprietary products, which may, or may not be the best product available. Additionally, some who hold themselves out to be financial advisors are really just product salespersons, who have little or no formal training or experience in the complexity of financial planning. One of the advantages of working with an independent fiduciary financial advisor, is that they are not limited to a single company and can offer the products of many providers that may better served the needs of their clients. You may want to consider using a Certified Financial Planner™, which means they are highly credentialed and experienced fiduciary financial advisor.
While no one wants to lose money, individuals have different risk tolerances based on their life experience, expectations and their stage of life. Most people who have or want to build wealth, are concerned with financial security. It is important to communicate your risk tolerance (how you feel about losing money) and time horizon (how long before you need to use your money) to your financial advisor. It’s also very important that your financial advisor takes your risk tolerance and concerns for financial security under consideration when making recommendations. Using a fiduciary financial advisor, who’s legally required to put your interests before their own, can be an important step in a planning for a successful financial future. All Certified Financial Planners™, are required to act as fiduciaries when dealing with their clients when providing financial advice.
It’s been said: “No one plans to fail; they just fail to plan.” Achieving financial independence rarely happens by accident. Sure, there are cases of people who win the lottery or are fortunate enough to receive a large inheritance, but even then, many don’t KEEP their wealth long-term or pass it on to heirs without a financial plan. Finances today are complex and having a financial plan can be a useful tool to become financially independent or retain wealth. Many of our clients have done so by using a long-term financial plan custom built for their goals. Using a fiduciary financial advisor, who’s legally required to put your interests before their own can help you develop and implement a financial plan for your financial future. All Certified Financial Planners™ are held to this strict fiduciary standard.
If you do a “google search for a “financial advisor”, you’ll come across many who hold themselves out as financial advisors. Some will have a “CFP” listed behind their name. A Certified Financial Planner™, is a highly credentialed and experienced fiduciary financial advisor. A Certified financial planner™ is a professional license awarded to financial advisors who have passed rigorous coursework and comprehensive examinations proving their fluency in all aspects of financial planning. CFP requirements currently include holding a bachelor’s degree or higher, completing a CFP Board approved education program, passing a series of comprehensive exams and having at least 6,000 hours of professional experience. They also must complete ongoing continuing education requirements after receiving their CFP® license.
CFPs may specialize in different areas, like estate planning or tax planning, and some may have additional credentials, such as certified public accountant (CPA), law degrees or other credentials or licenses. Not all financial advisors have a fiduciary duty to put your interests ahead of their own. However, all CFPs are held to this strict standard. This means they are prohibited from selling a financial product just because they earn a high commission by selling it. The CFP Board of Standards states that a CFP licensee has a duty of loyalty, a duty of care and duty to follow client instructions, among other duties.
