Insurance
As much as we try to avoid them, tragic events like death, disability or critical illness sometimes strike. When faced with such a situation, insurance can protect policy holders and their families from undue hardship. For this reason, a variety of insurance coverage is essential to any comprehensive financial plan.
Life insurance
Life insurance is more than planning for the security of one’s loved ones: it can be a cornerstone in any multi-generational financial strategy.
Life insurance can provide financial resources in several ways. In the event of death, life insurance offers surviving family members increased financial resources. As a tax-free lump sum payment, the so-called ‘death benefit’ can pay for final expenses and debts, as well as provide income for the deceased’s dependents. It can also help with estate planning and charitable contributions. Furthermore, some forms of life insurance enjoy tax advantages, and so can be an ideal addition to any financial plan
There are two main ways to organize life insurance policies: term insurance and permanent insurance.
Term Insurance involves paying a premium to secure a death benefit payment to beneficiaries. It provides protection for a specified period and is usually renewable. There are several different kinds of term life insurance, including Level Term, Annual Renewable Term, Decreasing Term, and Return of Premium life insurance.
Permanent Insurance involves comparatively high premiums at first, but costs may drop significantly over the long term. Furthermore, some permanent insurance plans include a cash value, and associated tax-advantaged borrowing privileges. There are several kinds of permanent life insurance, including Variable Life, Whole Life, and Universal Life coverage.
Life insurance can play a vital role in your financial plan—contact us today to find out how.
Long-term Care, Disability and Critical Illness insurance
Help guard against the impacts of an unexpected event through long-term care, disability and critical illness insurance.
Unfortunately, federal and state-sponsored health care programs in its present form do not comprehensively cover long-term care. Medicare generally only offers temporary assistance, while Medicaid, which varies by state, may require out of pocket expenses and very low levels of asset value before public assistance becomes available.
Long-term care and disability insurance
Income is important for both current financial obligations (e.g. grocery bills and mortgage payments) and for future financial resources (e.g. planning for a child’s education or for retirement). Just think what might happen if an income stream was lost through a long-term illness or disability. Long-term care and disability insurance products help protect the ability to earn an income, which can be affected by a disability or other condition.
Advantages of long-term care and disability insurance products include:
- Can help preserve retirement assets in the event of a long nursing home stay
- Helping maintain financial independence, lifestyle and long-term financial resources in the event income is impacted by disability
A comprehensive financial plan can protect income through long-term care and disability insurance. Contact us today to find out which policies are best for your unique circumstances.
