Laurene Breitkreutz discusses how life insurance fits into retirement
Listen to the interview on the Business Innovators Radio Network: https://businessinnovatorsradio.com/interview-with-laurene-breitkreutz-founder-of-your-wealth-refined-discussing-how-life-insurance-fits-into-retirement/
Life insurance is often viewed through a narrow lens, primarily associated with the financial security it provides to beneficiaries after the policyholder’s death. This perception, however, overlooks a critical aspect of life insurance: its potential to offer living benefits. As discussed in a recent podcast featuring Laureen Breitkreutz, founder of Your Wealth Refined, life insurance can play a pivotal role in retirement planning and provide financial support during the policyholder’s lifetime, particularly in the face of health challenges.
The term “life insurance” itself can be misleading. Many people equate it with “death insurance,” thinking its only purpose is to provide a payout upon death. This misconception can lead individuals to dismiss the value of life insurance altogether, believing they are adequately covered or simply uninterested in acquiring more. This mindset limits their understanding of the diverse benefits life insurance can offer, especially as they plan for retirement.
As Laureen points out, the traditional view of life insurance fails to recognize its evolution and the various options available today. Modern life insurance policies often include features that allow policyholders to access funds while they are still alive, transforming the narrative from one of death benefits to living benefits. This shift in perspective is crucial for individuals who wish to incorporate life insurance into their broader financial strategy.
Living benefits refer to the provisions within certain life insurance policies that allow policyholders to access funds in the event of critical health issues or other significant life events. For example, many modern life insurance policies offer living benefits that can be utilized if the policyholder is diagnosed with a serious illness, such as cancer, or suffers an accident that results in permanent disability. In these scenarios, policyholders can access a portion of their death benefit to cover medical expenses, rehabilitation costs, or other financial needs.
This aspect of life insurance is particularly relevant for individuals planning for retirement. Health issues can arise unexpectedly, and having access to these funds can alleviate financial stress during difficult times. Instead of solely relying on savings or retirement accounts, life insurance can serve as a safety net, providing peace of mind and financial flexibility.
Laureen explains that life insurance is generally divided into two categories: term and permanent life insurance. Term life insurance provides coverage for a specified period, typically ranging from 10 to 40 years, and is often less expensive. However, it does not offer the same living benefits as permanent life insurance. Once the term expires, the policyholder must either renew the policy or seek new coverage, which could be problematic if their health has declined.
On the other hand, permanent life insurance, which includes whole life and universal life policies, offers lifelong coverage and the potential for cash value accumulation. One of the significant advantages of permanent life insurance is that it does not require the policyholder to undergo underwriting again, eliminating the risk of being denied coverage due to health issues later in life. This feature can be particularly beneficial as individuals age and their health may change.
In conclusion, life insurance is not merely a safety net for loved ones after death; it can also serve as a vital financial tool during the policyholder’s lifetime. By recognizing the living benefits associated with modern life insurance policies, individuals can better understand how these products fit into their overall retirement strategy. The ability to access funds in times of need can provide invaluable support, making life insurance a multifaceted instrument in financial planning. As more people become aware of these benefits, the stigma surrounding life insurance may begin to dissipate, allowing individuals to make more informed decisions about their financial futures.
Laurene shared: “It goes back to looking at what is it that you develop in your lifetime and so that you know how much cashflow you’re going to have coming into your bank account each month when you retire, because that’s the amount that you get to spend without running out of money. So, if you don’t know what that guarantee is, up a creek without a paddle.”
Video Link: https://www.youtube.com/embed/BrWap0ROr1A
About Laurene Breitkreutz
Laurene didn’t take the traditional path into financial planning. She took the real one.
She started working at 16 to help her family make ends meet after her stepfather had an industrial accident. He went from bringing home $600 a week to $35. So she got a job, stayed in school, and figured out how to navigate a world that doesn’t wait for people to be ready.
She spent 31 years with AT&T — starting as a junior in high school, working her way up, and eventually retiring at 48 when they laid me off. She had a pension. I had time. And she was not going to spend it babysitting.
So Laurene went back to work. She has now had four careers. The one that shaped me most — before financial planning — was 13 years as a business consultant, walking into family-owned businesses and asking every uncomfortable question until people understood what they actually needed. She wasn’t the one with all the answers. She was the one who asked until the right answers surfaced.
That’s exactly what she does now.
For the past 13 years, she has been helping people build financial plans that actually hold up — through unexpected illnesses, market downturns, career changes, and the hard questions most advisors never ask. She started in mortgage protection, helping families make sure a mortgage wouldn’t become a crisis if someone got hurt or died. Now she works primarily with doctors and high-income professionals who are earning well but haven’t had time to build a real plan around what they’re earning.
Laurene’s philosophy is simple: Mission before commission. She doesn’t care how much she makes on a plan. She cares whether the plan is right for them. It took me three years to even notice how little she was getting paid by certain carriers — that’s how little she was focused on the money. What she focuses on is the outcome.
Laurene asks hard questions. she holds her clients accountable. And she show up every year at their anniversary to make sure they’re still on track — because a financial plan isn’t a one-time event. It’s a relationship.
Philosophy: Security Over Returns
Here’s what makes her different: she doesn’t chase returns. She builds security. Especially for doctors, people already have a high income. What they need isn’t more risk. They need a plan that protects what they’ve built, reduces what they owe to the IRS, and makes sure their family is never left scrambling. That’s what they build together.
Her primary focus is on doctors and high-income professionals between ages 30 and 50 — people who are earning well, living well, and haven’t sat down to build a real plan yet. Whether they’re worried about taxes, what happens if they can’t work, or just the creeping feeling that they’re missing something — I’m probably a good fit.
Learn more: https://www.yourwealthrefined.com/
Recent News & Interviews
- Laurene Breitkreutz Discussed Guaranteed Income in Retirement https://authoritypresswire.com/laurene-breitkreutz-founder-of-your-wealth-refined-interviewed-on-the-influential-entrepreneurs-podcast-discussing-guaranteed-income-in-retirement/
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