Life & Retirement Planning
The uncertainties of life are wide ranging, and many of them can threaten the financial security of you and your family. We understand most of these risks — a home destroyed by a fire and a car accident are just two common risks that could subject you to outsized financial loss.
Similarly, your inability to earn a living to support yourself and your family due to death or disability can wreak long-term financial havoc on those closest to you.
Have you considered what would happen to your family if they no longer had access to your income? Would they be able to make the house payment, cover the cost of food and other basic living needs? Is there enough savings in place to pay for college or a future wedding?
There are many different forms of life insurance that can be tailored directly for you.
Term Life Insurance
Term Life Insurance pays a benefit in the event of the death of the covered person during the term of the policy. These policies have a fixed premium for the duration of the term at which point continuation of the policy generally results in a higher premium. People buy term insurance to get protection for a period of time. Parents wanting to ensure funds are available for their children in the event of their untimely death, or partners in a business needing to protect each other from financial ruin if one of the partners passes unexpectedly, are just a couple of the examples where a term policy may be beneficial.
Whole Life Insurance
Whole Life Insurance is a policy intended to be held for the duration of one’s life. Additional premium is collected, and a cash value is accrued that can be used later for various situations. The insured may borrow from the cash value in the form of a loan and repay the funds back into the policy. Or, the cash value may be added to the death benefit. Consult with one of our specialists to determine if a Whole Life policy is right for you.
Universal Life Insurance
Universal Life Insurance is life insurance with an investment savings element. Premiums are generally lower than those of a Whole Life policy and more than Term Life Insurance. Most Universal Life insurance policies contain a flexible premium option offering flexibility over time to meet the minimum required payments needed to keep the policy in force. These policies accumulate a cash value that may be withdrawn, or borrowed, or used to continue the policy in the event the owner of the policy becomes unable to pay the premiums.
Long Term Care
A long-term care insurance policy helps cover the costs of care when you have a chronic medical condition, a disability or a disorder. Most policies will reimburse you for care given in your home, a nursing home or an assisted living facility, to name a few. The costs associated with Alzheimer's disease or cancer can be offset by having one of these policies in place.
Disability insurance will provide income in the event you are unable to perform your job and earn money due to a disability. Disability insurance falls under the classifications or either Long-Term (more than six months) and Short-Term (less than six months). These policies pay a portion of your salary and can offer lump-sum payments for catastrophic situations such as loss of limbs.
We can help you assess your Life Insurance or Disability needs and help you become adequately covered with competitive rates. Call our office today to speak with one of our specialists about these important insurance considerations for yourself and your family.