FREQUENTLY ASKED QUESTIONS
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We help with strategic retirement planning, Medicare guidance, life insurance, and debt elimination — all with a focus on clarity, compassion, and long-term coordination.
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Our focus is truly on “genuinely helping people.” For that reason, we listen to your situation, seek to educate and look for solutions that fit your specific wants and needs. We’re not product focused but client focused. We’re also an independent broker, which means that we go shopping for you to look for the best solutions for your situation.
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We’ll start with a relaxed, no pressure consultation. During that meeting, we’ll discuss your needs and goals together and see if Refuge has solutions that can help you. Sometimes, answering questions and offering guidance is as far as things go. If there are specific solutions that fit your situation, we delve into those options from there.
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Nope! Our consultations are completely free. It’s just a chance to connect, hear your story, and see if we’re a good fit.
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Not at all. We’re fully independent, which means we can offer guidance and solutions that are personalized, the highest quality and in your best interest — not anyone else’s.
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Our family had the privilege of spending years on the mission field in Mexico helping people. Once we came back, the door opened for me to help people in the area of finances. I felt like the need was huge, trusted resources are few and building Refuge the right way would be a great opportunity to positively impact our community.
GENERAL QUESTIONS
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The major difference compared to other financial service companies is that we don’t focus on market-based solutions. We don’t like the idea that we could do our job perfectly and you could still lose a quarter of your life savings tomorrow. Market-based options are good for some situations, but that’s not our lane. We have found there are solutions available that safely protect your principle while also offering good growth potential and various other benefits as well. That’s where we focus our attention.
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Right now! There will likely never be a perfect time. However, there is always something you can be doing now. If you’re approaching retirement or already in it, you need to evaluate your current strategy and pay close attention to risks you face (such as longevity, volatility, sequence of return and tax risks). If you’re younger, maybe you need to get your budget in order or start formulating a good, well-diversified strategy. You want as many years as possible for compound interest to do its work.
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Not necessarily. Market-based products can potentially yield more growth, BUT they’re also more volatile and risky which means you can lose more money. There can also be a lot of hidden fees as well. There are options available where your principal can be safe and 100% protected but with much better long-term growth potential than a CD or savings account.
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Chances are it isn’t (although depending on your situation, it could be). Contributing to your 401k is good—especially up to your match percentage. However, it’s also good to think through what true diversification looks like. If all your retirement savings are in market-based vehicles, is that really diversification? That’s where it can be good to talk with someone about your strategy, risk mitigation and what vehicles are available.
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That really depends on your unique situation. Everyone is different, so anyone that tells you that an option is great for all people is just trying to sell you something. Important factors to consider are: how close you are to retirement, what other assets/investments you have and what your risk tolerance is.
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Most of the time it makes sense to roll that old 401k over into an IRA and think through your investment strategy. IRAs often have less hidden fees and give you more investment freedom. It makes even more sense if you’d like more safety in your investment strategy either because you’re more conservative by nature or to better diversify your long-term strategy.
STRATEGIC RETIREMENT PLANNING
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Yes, you do have to get some form of Medicare at some point, or you will risk penalties. Most people get Medicare when they turn 65 (unless they have other creditable coverage). Individuals under 65 can get Medicare if they have SSDI or RRB disability insurance for 24 months or if they have medical conditions like ESRD or ALS.
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Part A - hospital insurance administered by the government; usually premium free
Part B - medical insurance administered by the government; most pay a monthly premium
Part C - bundles A, B (and often D) together along with additional benefits; also called Medicare Advantage; often low to $0 monthly premium
Part D - prescription drug coverage; stand-alone normally requires a monthly premium
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Medicare Advantage (part C) bundles together parts A, B and often D. It also normally includes additional benefits (dental, hearing, vision, etc). It is more of a pay-as-you-go plan. So monthly premiums are often low to $0 but then you pay copays as needed. There is a Max-out-of-pocket that works as a protective ceiling.
Medicare Supplement normally has a higher monthly premium (that increases with age) but less out-of-pocket costs when health problems arise. Since it is purely health insurance, you must pay for extras separately: i.e. prescription coverage (part D), dental, vision, etc.
Whether one is better than the other depends on the individual situation and preferences. How is your health? Are you on Medicaid? Are you looking for extra benefits that may come with a Medicare Advantage plan? Would you rather pay more money monthly but less money out-of-pocket when health needs arise or visa versa?
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To have coverage through the VA/TRICARE for Life, you must have Medicare parts A&B. That coverage may be good enough for you. However, many people with VA/TRICARE choose to also get a Medicare Advantage plan to use along with their VA/TRICARE coverage in order to receive the additional benefits that an MA plan can offer.
MEDICARE
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Most of us don’t like to think about the fact that we will die one day. However, ignoring that fact doesn’t stop it from being a reality. Sadly, for many that day comes sooner than they expect. Having no plan in place is itself a plan and it’s the worst possible plan. As we think of our loved ones and what would happen to them if we suddenly passed away, it really does make sense to protect them with life insurance. Life insurance is a great act of love toward those we care about most.
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Term - Insurance that lasts for a period (term) of time—usually between 10 & 30 years. The monthly premium is usually less and the death benefit higher. It does not build any cash value. Some illustrate it with the idea of renting a house.
Whole life - Insurance that lasts for a person’s entire life. The monthly premium is usually higher. It usually builds cash value but one very important factor is the quality of its cash value building potential. Some illustrate it with the idea of owning a house.
Which is better depends on a person’s preferences, age, financial situation and long-term strategy. If someone opts for term insurance, they must have a good financial plan in place for when that term runs out. Whole life insurance that builds cash value well can be used creatively as a tool in long-term financial strategy (Infinite Banking Concept, college savings, tax-free retirement supplement, reduced paid up).
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First of all, getting life insurance through work is great and you should do it if available. With that said, it often makes sense to get additional, portable life insurance as well. Your work life insurance coverage almost assuredly ends when you leave the company. If you try to purchase private insurance at that point, you will be older and it will be more expensive. Private insurance is probably cheaper than you think, it allows you to get a larger amount of coverage to truly protect your family, it follows you as you switch jobs/move throughout the years and it gives you more freedom as a firm foundation for your long-term financial strategy.
LIFE INSURANCE
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First off, you can do it! Determine that you’re willing to work hard and sacrifice in order to conquer debt and you’re well on your way. Getting into debt is fun. Getting out of debt is not. But it’s SO worth it! You should look closely at your budget (consider the 50/30/20 model). There are good debt elimination strategies and I’m able to help with a unique debt elimination program that I’ve found to be the most efficient way possible from your current debt to zero.
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Conquering debt means freedom. Freedom to use your money for your own long-term benefit instead of for the benefit of huge, billion-dollar financial institutions. It allows you to start EARNING more interest instead of just PAYING interest. It allows you to better save and invest for your future and the future of those you love.
Debt elimination
