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 suitable 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
• Long-term care, disability and critical illness

Life insuranceTOP

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 may be 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.

The advantages of life insurance include:

• An instant estate for loved ones at a time when funds are most needed
• Death benefits are generally non-taxable
• Life insurance plans with a cash value component may potentially offer tax-advantaged borrowing opportunities
• Some plans allow policy-holders to invest the cash value or death benefit in sub-accounts containing stocks, bonds, or other investments
• Gain tax advantages and help support a charitable interest through a charitable life insurance program

I can help you select coverage from a variety of life insurance options to address 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 insuranceTOP

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 preserve 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:

• Helping maintain financial independence, lifestyle and long-term financial resources in the event income is impacted by disability

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 appropriate 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 reduce 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.

The advantages of critical illness insurance can include:

• Coverage encompasses a wide range of screening tests An initial lump-sum benefit of up to $500,000 that policy-holders can use however they wish—from making mortgage payments to home health care
• Employers or organizations can add value to benefit packages at an affordable cost
• Critical illness insurance pays a cash benefit if the policy-holder makes a full recovery

Contact us today to determine whether critical illness insurance fits into your financial plan.