As much as we try to prepare for 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.
Insurance planning is best when tailored to fit its owner’s personal situation: whether designed for a single person or family; professional or seasonal employees; executive or small business owner, everyone can benefit from an appropriately customized plan.
Life insurance TOP
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 a number of concrete ways, from immediate expenses such as hospital bills to income replacement and assistance in settling outstanding debts. 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. 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.
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.
I can help you select coverage from a variety of life insurance options to meet the needs identified in your financial plan.
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 TOP
Help guard against the impacts of an unexpected event through long-term care, disability and critical illness insurance.
Unfortunately, present forms of federal and state-sponsored health care programs do not comprehensively cover long-term care. Medicare generally 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.
The two major types of disability insurance are Own Occupation Disability Insurance and Loss of Earning Disability Insurance. Own occupation disability insurance covers the ability of a disabled person to work in their own occupation, but may allow work in another job. Loss of earnings disability insurance provides payment for the percentage of income lost due to a disability.
A comprehensive financial plan can protect income through long-term care and disability insurance. Contact me today to find out which policies are best for your unique circumstances.
Critical illness insurance
Suffering a critical illness is a distressing event. Help ease the burden through a type of insurance that will address financial stresses. By helping pay for the additional expenses often associated with a critical illness or condition, insurance offers individuals, families and if applicable, businesses, added financial resources —so the focus remains on recovery.
Contact us today to determine whether critical illness insurance fits into your financial security plan.
Health and dental insurance TOP
A growing number of Americans - at least 15% of the population - don't have any health insurance coverage. Without health insurance, a single incident can cause serious financial hardship.
Some, but not all, employed individuals are covered under an employer’s group benefits plan. For those people not covered, a health plan can help cover out-of-pocket medical expenses. Health plans can provide various levels of enhanced healthcare protection, depending on the needs and stage of life of the purchaser.
There are two categories of health insurance coverage: fee-for-service and managed health care. Fee-for-service plans are more expensive, but allow individuals to select doctors and hospitals based on their needs and preferences. Managed health care plans are divided into health maintenance organizations (HMOs), preferred provider organizations (PPOs), and point-of-service (POS) plans. All three generally charge a co-payment of $10 or $20 a visit. Managed care providers make most health care decisions, although PPOs and POSs allow some choice from the organization’s network of providers and the opportunity to see physicians outside the network.
Contact us to find out more about health care insurance for you and your loved ones.
Group health benefits TOP
In today’s working environment, valued employees are looking for more than financial compensation. They also want an employer who supports their health, and the health of their families.
For this reason, either by itself or paired with group insurance products, consider attracting and retaining employees with group benefit plans. From traditional health and dental benefits to alternative arrangements like employee wellness programs, group auto insurance or flexible work situations, group benefits help make employees more efficient, productive, and happy. Employers also gain tax benefits, such as premiums that are deductible as a business expense in some cases.
Flexible plans offer employers and employees cost-effective, customized ways to address their needs.
Contact us today to learn more about benefits products and services that fit the needs of your business.