insurance

Insurance & Annuity Services

At Virginia Retirement Services, we understand the significance of various insurance products and the role they may play in comprehensive wealth management and legacies. Additionally, we aim to stay informed of all the changes and new products available.

  • Annuities: There are now combination products available that can provide tax-deferred growth, a lifetime stream of income, life insurance and long-term care all in one package. These products can guarantee* 100 percent of the funds available at any time without a surrender fee after the penalty period of 5-15 years. These annuities are underwritten by some of the most trusted companies in the industry, yet they only became available in the past few years. Older, taxable annuities, when they are past their penalty period, can now be traded without tax consequences to an annuity that produces up to four times as much benefit in the event of a qualifying health event and the need for long-term care (and the principal is distributed tax free!)
  • Life Insurance: Many of our clients have life insurance needs they may not be aware of. Pensions may be lost or reduced at death. The lesser Social Security payments for a spouse will end. We can help you determine if that could be an issue. Perhaps you have an older policy that needs to be reviewed. The interest crediting rates may have lessened or the term period may be coming up. We always aim to help our clients look at these needs and assist them with prudent planning based on their individualized needs.
  • Long-Term Care: In evaluating the needs for long-term care we look at assets and fixed income sources to help determine a need (if any) for coverage. We also take a look at new innovative products that can provide tremendous increases of long-term care coverage from a life insurance or annuity policy. Traditional long-term care policies may fit your needs, but some of the newer combination products will still pay the death benefit to your heirs if the long-term care payouts do not exceed the death benefit. Today’s top selling income-for-life annuities offer guaranteed* income for both spouses (even on 401(k) or IRA-type accounts) and may guarantee up to twice the income for up to five years if long-term care is needed, even in your own home.**

Below you’ll find some of America’s top insurance companies that we shop to get you the best rates, coverage and products for your unique needs and goals for retirement!

* Annuity guarantees rely on the financial strength and claims-paying ability of the issuing insurer.  Income streams received from annuities will be based on the terms and conditions of the annuity contracts and any attached rider(s) purchased for additional premium.

** Increased income with qualifying health events will be determined by the specific terms of the contract and may include home care, as well as skilled nursing facility care.

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