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For Us, It's Personal
My in-laws’ regrets spur a new IGO business division

Retired in 1998. Nearly wiped out in the 2008 market crash. Now facing the emotional and financial toll of dementia. This is the true story of what happened to my in-laws, Bob & Ava. At IGO, we’re sharing their story because we want you to understand why for us, it’s personal. What happened to them was one reason we began offering the kind of Benefits Insurance my in-laws did not have as part of their plan.  As an IGO customer, you already know you can count on us to manage your auto, business, and homeowner insurance needs. We understand affordability issues and can help you find a path to a manageable plan. Contact IGO today about planning for a more predictable financial future. Or for more information, keep reading.

From Independence to Dependence
Hindsight is 20/20, and my wife, Sherry, and I now know we should have offered to review my in-laws’ plans for retirement. But that isn’t the kind of conversation many families have. Plus, we tend to assume someone who was a success in business will be a success in retirement.

They were, as Sherry details in her blog, the epitome of a middle-class, small-business owner success story. Bob was a 3rd generation independent pharmacist. He created a niche that kept him small, family-owned and successful, serving dozens of West Virginia nursing homes as their on-call pharmacist. 

In 1998, they were in their 50s, had no significant health issues and Bob sold his business for a high seven-figure deal. His financial advisor at the time put their proceeds into one mutual fund that had a good track record.  This was their first planning mistake, in my opinion. Safe is a relative term. The fund might seem safe, but having all of your hard-earned money in just one place—whether it’s a mutual fund or a bank account—can be dangerous.

Fast forward to 2008 when the stock market crashed. Their portfolio took a major hit.  When you’re younger, you can ride out the market because you have time on your side. My in-laws, being retired, could not. They lost about two-thirds of their money.

It got worse from there. Around the time the market crashed, they both were diagnosed with cancer. Their money had been put into a fund where you draw out on a monthly basis. The monthly amount had to be reduced in order to sustain payments over a longer period of time. Their new financial advisor got them to diversify, so they could raise their monthly income to manage the costs of their care.
Diversification is good, but then they made another planning mistake: They got rid of their life insurance. They assumed it was something you left to your kids when you die. They didn’t know what life insurance, including universal life insurance, could do for them and they didn’t see it as a form of support.

They began drawing from Social Security at 62 years old to supplement their investments. They also began using Medicare and Med Sup as additional health issues took their toll. What they didn’t realize, and where they made another mistake, is that the time had passed for affordable Long Term Care Insurance (LTC). As two people in their 60s experiencing health issues associated with aging, the cost LTC was out of reach.

As Bob & Ava continue down this road, Medicaid assistance will only be available if they spend down, and yet, this still will leave Bob in in a much worse state for his future needs.

IGO Is Here for You
I hope that by getting personal and sharing their story, you understand why we at IGO take these issues personally. As it is in line with IGO’s Mission and Values you can be assured, we are here to listen to YOUR story, and help you plan for YOUR financial future. Contact IGO today.

Jimmie Robertson is President of IGO Insurance Agency, Inc. Read more about Jimmie

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Copyright 2015 IGO Insurance Agency, Inc. (IGO). All Rights Reserved The content is primarily informative and is intended as an advertisement for IGO products and services. Not to be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this publication you understand that there is no broker client relationship between you and the publisher.
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NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
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