Insurance Planning Services

As much as we try to prepare for them, tragic events like death, disability, or critical illness sometimes strike. When suddenly faced with such a situation, insurance can protect policyholders and their families from undue hardship. For this reason, a variety of insurance coverage is essential to any comprehensive financial plan. Insurance planning can be better utilized when tailored to fit its owner’s personal situation. Whether designed for a single person or family, professional or seasonal employees, or executive or small business owner, everyone can benefit from an appropriately customized plan. We are here to help find the personally tailored policies to fit your life so you and your loved ones are protected.

​Life insurance is more than insurance 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 therefore 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. Many people purchase term insurance to protect their beneficiaries in the event of a premature death in which the beneficiaries would be financially impacted. It provides protection for a specified period and is usually renewable. There are several different kinds of term life insurance, including Level Term, Annual Renewable Term, Decreasing Term, and Return of Premium life insurance. We can advise you on what is best for your lifestyle.

Permanent Insurance, also known as whole life insurance, involves comparatively high premiums at first, but costs may drop significantly over the long term. Your coverage will last your entire life and will provide for your beneficiaries when you pass. 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. coverage.

Variable Universal Life Insurance/Variable Life Insurance policies are subject to substantial fees and charges. Policy values will fluctuate and are subject to market risk and to possible loss of principal. Guarantees are based on the claims paying ability of the issuer.

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 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. You can gain tax advantages and help support a charitable interest through a charitable life insurance program. We 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.

This material contains only general descriptions and is not a solicitation to sell any insurance product or security, nor is it intended as any financial or tax advice. They may not take into account your personal characteristics such as budget, assets, risk tolerance, family situation or activities which may affect the type of insurance that would be right for you. In addition, state insurance laws and insurance underwriting rules may affect available coverage and its costs. Guarantees are based on the claims paying ability of the issuing company. You may also visit your state’s insurance department for more information.

Variable Universal Life Insurance/Variable Life Insurance policies are subject to substantial fees and charges. Policy values will fluctuate and are subject to market risk and to possible loss of principal. Guarantees are based on the claims paying ability of the issuer.

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. With the life expectancy increasing, the need for Long-Term Care Insurance is increasing. This type of insurance is designed to pay for nursing home or visiting nurse expenses if one is not able to care for themselves.

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 protect 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 and Loss of Earnings 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.

Suffering a critical illness is a distressing event. It can happen when you least expect it. Help ease the burden through a type of insurance that will reduce financial stresses. Critical Illness Insurance, also known as Catastrophic Illness Insurance, is a type of insurance that is in addition to an existing health insurance policy. It will help to pay for the additional expenses often associated with a critical illness or condition. This 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:

  • Policy holders may receive an initial lump-sum benefit of up to $500,000 that can be used to pay for non-medical costs such as mortgage payments, child care, transportation, food, and other daily living expenses
  • It can be added to an existing life insurance policy
  • The money received can be used to pay for things other than medical expenses.
  • It is available at affordable or at no cost to employers or organizations to offer this insurance as part of their benefit packages, thus making their packages more attractive.

A growing number of Americans – 8.5% of population does not have health insurance at any point during the year according to the census bureau in 2018 – don’t have any health insurance coverage. Without health insurance, a single incident can cause serious financial hardship.
Some, but not all, employed individuals are covered under an employer’s group benefits plan. For those people not covered, a health plan can help cover out-of-pocket medical expenses. Health plans can provide various levels of enhanced healthcare protection, depending on the needs and stage of life of the purchaser.

There are two categories of health insurance coverage: fee-for-service and managed health care. Fee-for-service plans are more expensive, but allow individuals to select doctors and hospitals based on their needs and preferences. Managed health care plans are divided into health maintenance organizations (HMOs), preferred provider organizations (PPOs), and point-of-service (POS) plans. All three generally charge a co-payment of $10 or $20 a visit. Managed care providers make most health care decisions, although PPOs and POSs allow some choice from the organization’s network of providers and the opportunity to see physicians outside the network. Contact us to find out more about health care insurance for you and your loved ones.

This material contains only general descriptions and is not a solicitation to sell any insurance product or security, nor is it intended as any financial or tax advice. They may not take into account your personal characteristics such as budget, assets, risk tolerance, family situation or activities which may affect the type of insurance that would be right for you. In addition, state insurance laws and insurance underwriting rules may affect available coverage and its costs. Guarantees are based on the claims paying ability of the issuing company. You may also visit your state’s insurance department for more information.

Riders are additional guarantee options that are available to an annuity or life insurance contract holder. While some riders are part of an existing contract, many others may carry additional fees, charges and restrictions, and the policy holder should review their contract carefully before purchasing.