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Life insurance falls into 2 basic categories-term or permanent coverage.
Term life insurance may be a viable option and is often the most affordable coverage. if your need is to help protect or replace your income for a specific period of time to allow your family to maintain their standard of living if your earning potential is removed. It can also help cover specific financial responsibilities such as a mortgage or college expenses.
Permanent life insurance will provide protection for your entire life. These products come in many forms- whole life, universal life and flexible premium adjustable life, to name a few. Whole life will help to ensure your family is not burdened by final expenses or medical bills if you're not there.
Determining the right type and how much life insurance to secure is one of the most important financial decision you’ll ever make but doesn't have to be confusing. Our team will help you understand the differences between these two coverage options and the advantages of each one. To find out whether term life or whole life is best for you.
As a general rule - life insurance protection should be secured in an amount seven to 10 times your income.
Some questions to ask yourself:
If I die suddenly,
• Will my family have enough money to cover my medical and final expenses?
• Will my family be able to maintain their lifestyle without my income?
• Will my children, financially, have the opportunities that I always dreamed they’d have?
What would happen if suddenly, you were unable to work due to sickness or injury?
Disability Insurance will provide a steady stream of income if you are unable to work due to an accident or an extended illness. By securing coverage, you can protect your financial secutity until you are able to return to work.
Statistics show that a disabling illness or injury is not as remote as one may believe. Almost anyone who works—whether they’re single, married, with children or without—should consider disability insurance.
“If you have a job, you most likely need disability insurance.”
As people live longer, long-term care may become an overwhelming burden on later generations.
Our economy can put emotional strain on families already struggling to stay afloat and educate their children, caring for aging parents may become a financial drain that breaks the camel's back.
In 2015, the median cost for a home-health aide for an eight-hour day is more than $44,000 a year, while nursing care in a facility with a private room has a median cost of almost $84,000 a year.1 As life expectancies increase, so does the duration of long-term care needs, and the financial burden may end up falling on your loved ones after you’ve run through your own life savings.
Given that the cost of long-term care can quickly deplete your life’s savings, you should seriously consider adding long-term care insurance to your financial plan. Plus, there’s about a 70% chance you’ll need some type of long-term care after age 65.
An annuity is a contractual financial product that is designed to accept and grow funds from an individual and then, upon annuitization, pay out a stream of payments to the individual as scheduled. Annuities can be a reliable means of securing a steady cash flow during retirement years and to alleviate fears of outliving one’s assets or longevity risks.
Perpetuation-definition: the act of prolonging or causing to exist indefinitely. All businesses should review and consider planning for changes in ownership as well as, unforeseen circumstances such as a sudden death or an owner or a downturn in the business market.
Buy/sell agreements can help continue your business in the event of an owner’s death, disability or retirement.
When using life insurance with a buy-sell agreement, either the company or the individual co-owners buy life insurance policies on the lives of each co-owner (but not on themselves).
If you were to die, the policyowners (the company or co-owners) receive the death benefits from the policies on your life. That money is paid to your surviving family members as payment for your interest in the business. If all goes well, your family gets a sum of cash they can use to help sustain them after your death, and the company has ensured its continuity.
Finding a great employee takes effort, and keeping a good one long-term is a major accomplishment. Employee longevity and low turnover is extremely beneficial to an organization. With the high cost and time investment involved in recruiting and training new talent, employee retention is more important to the success of your business than ever.
Some forms of employee compensation, such as group life insurance, employer-paid disability income insurance or group health care options can help keep your most valuable employees in place.
This can help cover financial losses in the event of a key contributor's death or total disability.
A business will secure life insurance and/or disability coverage on the live of a key employee. The business will be the payor, owner and beneficiary of each policy. This protection will provide funds to the business to replace the devastating loss of the key employee in the event of death or total disability.
Key person insurance does not indemnify the actual losses incurred but compensates with a fixed monetary sum as specified on the insurance policy.
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