Benefits Insurance in Rhode Island

Chatterton Insurance’s clients have the opportunity to work with our in-house benefits specialist. Our qualified insurance professionals will conduct a complete needs analysis, analyze companies’ products, and provide policy recommendations clearly and simply. Our benefits services include:

Life Insurance

Disability Insurance

Long-Term Care Coverage

Annuities

Perpetuation Planning

Buying and Selling Products

Employee Retention

Key Person Protection

Life Insurance

Life insurance falls into two basic categories: term and permanent coverage. Term life insurance is often the most affordable coverage and may be a viable option. It helps replace or protect your income for a specific period of time so your family can maintain their standard of living if your earning potential is removed. It also covers specific financial responsibilities, such as a mortgage or college expenses.

Permanent life insurance will protect 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 final expenses or medical bills do not burden your family in the time that you are no longer around.

Determining the most suitable type and how much life insurance to secure is one of the most important financial decisions you’ll ever make, but it doesn’t have to confuse you. We can help you understand the differences between these two coverage options and the advantages of each one, so we determine which will be best for you. As a general rule—life insurance protection should be secured in an amount of seven to 10 times your income. Here are some questions you should 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?

Disability Protection

What would happen if suddenly, you could not work due to sickness or injury? Disability Insurance will provide a steady income stream if you cannot work because of an extended or accident illness. By securing coverage, your financial security is protected until you can return to your job.

According to the statistics, 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.”

Long-Term Care Coverage

As people live longer, long-term care may become an overwhelming burden on later generations. Our economy can put an emotional strain on families already struggling to stay afloat and educate their children. In these circumstances, 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 8-hour day was 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. 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 life savings.

Since the cost of long-term care can rapidly deplete your life’s savings, you should seriously consider including long-term care insurance in your financial plan. Additionally, there’s about a 70% chance you’ll need some type of long-term care after age 65.

Annuities

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. This type of coverage can alleviate fears of outliving one’s assets or longevity risks.

Perpetuation Planning

Perpetuation is defined as the act of prolonging or causing to exist indefinitely. All businesses should review and consider planning for changes in ownership and unforeseen circumstances such as sudden death of an owner or a downturn in the business market.

Buy/Sell Products

Buy/sell agreements can help keep your business healthy in the event of an owner’s death, retirement, or disability. 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 policy owners (the company or co-owners) would 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.

Employee Retention

It takes effort to find a great employee, and keeping a good one long-term is a significant accomplishment. Employee longevity and low turnover are exceptionally beneficial to a company. With the high cost and time investment needed in recruiting and training new talent, employee retention is more critical to your business than ever.

Some employee compensation forms, such as employer-paid disability income insurance, group life insurance, or group health care options, can help keep your most valuable employees in place.

Key Person Protection

This can help cover financial losses in the event of a key contributor’s total disability or death. A business will secure life insurance and/or disability coverage on the life of a key employee. The policy’s payor, owner, and beneficiary will be the business.

This protection will provide finances 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 specified on the insurance policy.

We’d love to help you secure your future. Contact us to learn more about our services.