Life insurance does more than just replace income. However, clients are often unaware of the benefits life insurance can provide beyond a death benefit. Universal and whole life policies are types of permanent life insurance that offer investors additional advanced strategies, including cash value, taxation benefits, and the ability to use the death benefit if needed for long-term care. These living benefits can’t be achieved using term insurance. For more than 30 years, we have been constructing lasting life insurance plans that provide assurance to our clients when they need it most. Since life insurance is a financial instrument that makes a projection of what may happen many years in the future, we take a careful and purposeful approach to designing each plan based on an individual’s unique needs. We recognize the way a young family approaches life insurance is often vastly different from that of a wealthy retiree. After your coverage is in place, we manage and monitor your policy to give you assurance that it delivers its intended result.
Long Term Care Insurance
Many of us will need to rely on assistance with daily activities as we age. It might be help with simple tasks such as walking, bathing, dressing, or more dedicated care in situations where there is a chronic condition such as dementia or Parkinson’s disease. The simple fact is the cost of this type of care is rising consistently. Long term care insurance pays a selected dollar amount per day for a selected period of time for skilled, intermediate or custodial care in nursing homes and/or home health care. Because Medicare and other forms of health insurance do not pay for custodial care, many residents of nursing homes have only three alternatives for paying their nursing home bills: their own assets, Medicaid and long-term care insurance. Today’s products have evolved into new arrangements called “hybrid long term care”, where you can prepay the cost of the premium and even recoup part or all of your outlay if you never need extended care or die. We have access to both traditional and hybrid solutions to meet your individual needs.
When asked to name your most valuable asset, you might say it’s your 401(k) or perhaps your house. And you’d be wrong. Your most valuable asset (if you’re still working) is your ability to produce an income. Think about it, if you suddenly stopped working, how long could you continue to pay your bills? The simple truth is, even a brief period of disability could harm your family’s finances. In our view, it’s crucial that anyone who relies on an income for their everyday expenses gets a disability plan — getting coverage safeguards you against the risk of missing payments on your mortgage, utilities, and other bills. Most companies will only insure you for up to 70% of your gross earnings because they don’t want to create a financial disincentive for you to return to work. Keep in mind, if you pay your premiums with after-tax dollars, any benefits would be payable income tax-free.