TERM LIFE INSURANCE

The subject of purchasing Life Insurance isn’t high on most people’s lists; however it is an important part of protecting one’s family and business if you are a business owner. For most people the process of buying life insurance is not complicated and with a brief consultation we can begin to assist you in determining how much coverage you need and the best policy(s) to meet your needs.  

How much coverage do I need?  

Determining the amount of coverage is unique to each person and their family &/or business situation. Essentially you are seeking to replace the income earned for a period of years. In addition you may wish to pay off any loans or other forms of debt, provide for an “emergency” fund and perhaps provide college funds for your children, among other considerations.  

For the business owner the planning centers on providing the business the funds necessary to continue operations as in “Key Person” Insurance, or to fund a “Buy – Sell” Agreement among partners.  

Whether it’s Personal Life Insurance and/or Business Life Insurance; protect your family and business from the financial hardship of having to sell assets under duress perhaps taking pennies on the dollar and/or being forced to borrow money at high rates.  

What kind of life insurance do I buy?  

Essentially there are two types of life insurance to consider; Term Life and Permanent Life.  

Term Life, as the name implies provides coverage for a set period of time. The most popular plans provide guaranteed coverage for 10, 20 and up to 30 years at a set guaranteed premium. Once you qualify for coverage the premium is guaranteed not to change for the entire term.  

Permanent Life, unlike Term Life there is no set time period, as long as you continue paying the premiums you will have coverage up to age 100. While the premium is higher for Permanent Life there is also a cash value that accrues during the life of the policy. Permanent Life Insurance is also referred to as Whole Life, Universal Life and Variable Life.  

For many people, particularly young couples with children, Term Life is the way to go to provide the most coverage for the least cost. For other situations a combination of Term Life and Permanent will provide a solution for the medium and long term concerns.  

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DISABILITY INCOME INSURANCE

Your most valuable asset is your ability to earn income over your working years. Disability Insurance is about helping to preserve your basic lifestyle and support your family should your income be lost due to an illness or injury. If you are self employed or work for a small business most likely there are no long term disability benefits for you so this is a very important insurance for you.  

Even if you work for a large company or government employer and you do have some form of long term disability benefits there still may be a need for personal disability income insurance to supplement any employer plan.  

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LONG TERM CARE INSURANCE  

It’s a fact; people are living longer today than ever. It’s also a fact that people’s live savings can be wiped out very quickly due to the high cost of a Nursing Home. Even if you are able to live at home but require a high level of care the burdens placed on your children can be enormous.  

Some still believe that they can give away their assets and become impoverished to qualify for Medicaid however recent laws have made this scenario virtually impossible and why place yourself at the mercy of a government program?  

A Long Term Care Insurance plan will help you receive the care you need and deserve on your terms with dignity. Long Term Care Insurance allows you to make your own decisions about what care is best for you. It will protect your retirement savings and help prevent the need for your kids to be your caregiver.  

With a little planning now a Long Term Care Insurance Plan can help you continue to live life your way!  

Did you know a Long Term Care Insurance plan may actually keep you out of a nursing home? That’s because LTC insurance allows you to get the care you need right in your own home. A LTC policy provides a variety of benefits that can help you remain at home, including personal care services to assist you with the activities of daily living.  

It’s never too early to plan for LTC; you can lock in low premiums at a younger, healthier age. For further information click the button below.