Our team of wealth advisors works in collaboration with our risk management experts to provide personalized recommendations on personal insurance planning. This includes the addition of life, disability, and long-term care insurance to help safeguard your family and assets, ensuring that your level of protection aligns with your present and future goals.
We recognize that you have specific objectives regarding asset accumulation, protection, and transfer. Hence, we prioritize a practical approach to designing, reviewing, and implementing insurance solutions that cater to your unique needs.
Guarantees are based on the claims paying ability of the issuing company. If you need more information or would like personal advice you should consult an insurance professional. You may also visit your state’s insurance department for more information.
While it always depends on your personal situation, the common rule of thumb is often an amount 10-15x your current income. Life insurance rates are influenced by a number of factors, but your health has the biggest impact on the final cost
Common types of life insurance include: Term life insurance. Whole life insurance. Universal life insurance.
You'll want to consider several factors when calculating how much life insurance you need. These include your age, overall health, life expectancy, your income, your debts and your assets. If you've already built a sizable nest egg and you don't have much debt, you may not need as much coverage.
Disadvantages of buying life insurance
•Life insurance can be expensive if you're unhealthy or old.
•Whole life insurance is expensive no matter what age you get it.
•The cash value component is a weak investment vehicle.
•It's easy to be misled if you're not well-informed
No, you do not get your money back at the end of a term life insurance policy. The policy expires, and that is the end of your coverage. You have paid for the coverage for the length of time specified in the policy, and that is all you will receive.
SYou may still want to consider purchasing life insurance if you have no dependents. Many people choose to purchase a life insurance policy with their spouse as the beneficiary. You can also use your life insurance policy's death benefit to leave a legacy. Some policyholders choose to leave the payout to an organization such as a church, university or charity.
Whole life insurance guarantees payment of a death benefit to beneficiaries in exchange for level, regularly-due premium payments. The policy includes a savings portion, called the “cash value,” alongside the death benefit. In the savings component, interest may accumulate on a tax-deferred basis.
A term life policy is a contract between you and an insurance company for a defined period, typically between 10 and 30 years. During that term, you promise to pay a premium each month. In return, the company promises to pay a specific amount of money – a death benefit – if you pass away during the term.
Variable universal life (VUL) insurance is a form of permanent life insurance. It combines the main benefit of life insurance - a financial payout to your loved ones when you die - with investment subaccounts. These investment subaccounts can be used to invest the cash value of your policy.
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.
Universal life insurance is a type of permanent life insurance. With a universal life policy, the insured person is covered for the duration of their life as long as they pay premiums and fulfill any other requirements of their policy to maintain coverage.
You can sell your policy to a third party for cash, but there are limitations, tax implications and fees to consider — and it makes sense financially only in a few instances, like when you have a whole life policy with cash value.
There are three main types of long-term care insurance: traditional long-term care insurance, hybrid long-term care insurance and life insurance with a long-term care rider. Each type of coverage has different pros and cons worth considering.
Indemnity benefits set a monthly benefit amount and will pay that full amount once you qualify for long-term care benefits. For example, if you buy $5,000 per month in indemnity long-term care benefits and you have only $3,000 per month in long-term care expenses, the policy will pay you the full $5,000 that month.
Under the indemnity method, once you are eligible to receive benefits, the company will pay you the amount specified in the policy, regardless of the cost of service. Under the reimbursement method, the insurer will pay all or a portion of the actual expenses you incur, up to the maximum stated in the policy.
The exact type of covered varies by policy, but it often includes: Home health care such as skilled in-home nursing care; occupational, speech, physical and rehabilitation therapy; and help with activities of daily living like bathing and eating.
5 Key Factors to Consider When Buying Long-Term Care Insurance:
•The daily benefit amount.
•The amount of inflation protection.
•The length of benefit payments.
•The waiting period before benefits begin.
•Your current age
According to the National Clearinghouse for Long-Term Care Information, a person's lifetime risk of needing long-term care services in their lifetime is 1 out of 2; that's a 50% risk. As age increases, so does the likelihood of needing long-term care.
Disability Insurance or Disability income insurance is an insurance policy that pays benefits to disabled persons unable to work because of their disability. Disability insurance provides a percentage of an individual’s regular income per month to protect that individual from financial loss caused by disability.
An individual long-term disability insurance plan costs about 1% to 3% of your annual salary, according to Life Happens, a nonprofit dedicated to disability insurance education. For example, if you earn $50,000 a year, your disability insurance will cost you $500 to $1,500 per year.
Disability Benefits: Supplemental income for disabled people and their family members who meet certain qualifications There are two types of disability programs: Supplemental Security Income (SSI), and Social Security Disability Insurance (or SSDI). SSDI is for working-age adults who are unable to work due to a disability
This material is intended to assist in educating you about insurance generally and not to provide personal service. 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. If you need more information or would like personal advice you should consult an insurance professional.