Financial & Family Planning
EXPERIENCE PROTECTING YOU
Making sure that your family is well taken care of is easier than you think when we discuss your wants and needs. As part of the risk management plan, we'll help you to identify potential risks and how best to manage them. After your plan is put in place, it's important to monitor them as time goes on to make sure they continue to keep up with your family, lifestyle and needs.
Life, Disability, Critical Illness, Health
CREATIVE DESIGN - INNOVATIVE SOLUTIONS
The most common use of a term policy is for mortgage protection, education and final expenses should the insured die prematurely leaving a surviving spouse with children to raise and educate. Under current tax law, the benefit paid from a life insurance policy is distributed tax-free to your beneficiary's which can be used to pay off the mortgage, daily living expenses, college funding and to maintain a family's lifestyle. In addition to the death benefit being paid out if the insured dies prematurely, some policies provide living benefits as well. These living benefits are very useful for both family and business planning.
Life Insurance is one of the key components of a well defined risk management plan. The benefit from a life insurance policy is distributed tax-free to your beneficiary's which can be used to pay off the mortgage, living expenses, college funding and to maintain a family's lifestyle. Premiums continue to decrease and the carriers all have accelerated underwriting to process your application more quickly. Other uses include business buy/sell, key man insurance, charitable giving, and various Estate Planning scenarios and others. Group plans are nice but they do not properly insure what they need to and you cannot take them with you if you were to leave that employer.
Your greatest asset is your ability to earn an income and provide for your family. What would happen if you sustained an injury or a sickness to a point that you were unable to work and earn a living? 43% of all people over the age of 40 will experience a long-term disability before they reach age 65. Group disability thru work is most likely not enough coverage for you family as the benefits and benefit period of those plans are less that what you can get by owning your own policy. Plus, should you leave that employer to a new one that does not offer a workplace benefit, you cannot take it with you.
Critical Illness Insurance
A Critical Illness policy pays for your financial obligations that are not picked up by traditional health insurance by paying a lump-sum benefit to you for a first ever diagnosis of some common critical illnesses such as cancer, stroke, heart attack, kidney failure or Alzheimer's. This benefit is paid directly to you, tax-free, with no constraints on how it is used. Use the benefit to pay for either your medical costs or non-medical costs such as:
Currently Medicaid is the largest payer of long-term care expenses paying over 43% of care. This was not originally the intent of Medicaid but as the cost of care has increased over the past 30 years and medicine has improved, people are living longer. There are currently three ways to pay for long-term care including:
Medicaid (little control over your care)
Self-insure (very costly and could deplete your savings)
Planning for care using long-term care insurance
With proper planning utilizing long-term care insurance, you can pay a portion of your care should you need it giving you greater control. Should you not need care, a policy can be designed to provide a death benefit for your beneficiaries and even return your premiums should you choose to exercise this option.
Medicare is a federal health insurance program designed for:
Citizen or U.S. Residents, and
Age 65 and older, or
Under 65 and disabled, or
Living with End-Stage Renal Disease (ESRD)
Medicare Part C (Medicare Advantage Plans) - these plans are administered by private health insurance companies and complements all of a beneficiary's Part A (Hospital