SETTING YOUR PATH TOWARDS FINANCIAL SECURITY
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 best policies to fit your life so you and your loved ones are protected.
Fast Facts About Different Types of Life Insurance
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.
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An instant estate for loved ones at a time when funds are most neededDeath benefits are generally non-taxableLife insurance plans with a cash value component offer tax-advantaged borrowing opportunitiesSome plans allow policy-holders to invest the cash value or death benefit in sub-accounts containing stocks, bonds, or other investmentsYou 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 meet 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.For a quick quote on life insurance –please click here.
Long-Term Care and Disability Insurance
Help guard against the impacts of an unexpected event through long-term care, disability and critical illness insurance.
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Critical Illness Insurance
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.
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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 for other things that medical expenses
- It is affordable or at no cost for employers or organizations to offer this insurance to their benefit packages, thus making their packages more attractive
Health and Dental Insurance
A growing number of Americans – at least 15% of the population – 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.