Any insurance people out there? Went to our advisor today and he was recommending a Life Insurance Retirement Plan (LIRP). My shields went up when I heard life insurance and investing being used in the same conversation. But, the wife and I are light on life insurance. I have $75K term through veterans group life and my wife has a one year salary policy through work.
Our situation:
Me: 54, pretired and making around $10K doing this and that
Wife: 54, working and making just over $100K
NW: $1.5M with no debt
Our worry, we'll get a medical situation that will eat us up. Or, Long Term Care. Long Term Care Insurance seems to be a thing of the past and this LIRP was our advisor's answer as a way to pay for LTC.