Insurance Protection

Insurance Planning:

Life Insurance, Disability Insurance, Long-Term Care, Medicare & Asset Protection

Life is full of surprises. Unfortunately, tragic events like death, disability or critical illness sometimes strike. When faced with such a situation, ensuring that you, your family, your income and your assets are adequately protected is a critical component of a successful financial plan. insurance can protect you and your family from undue hardship. A variety of insurance coverage is essential to any comprehensive financial plan.

Insurance planning is best when customized to fit each unique situation: whether designed for a single person or family; professional or their employees; executive or small business owners, everyone can benefit from an appropriately customized plan.

Life Insurance

We can help you understand all your life insurance options, including:

  • Low cost term policies for affordable coverage; (1-30 yr) needs
  • Providing a legacy to your family or philanthropic interest
  • Establishing a discounted source of liquidity to pay estate taxes
  • Life insurance trusts
  • Small business protection planning for key persons
  • Policy owner and beneficiary designations
  • Income tax and estate tax considerations

We take your overall financial planning into consideration to determine your appropriate amount and type of life insurance coverage, to ensure it makes sense within your overall financial plan.

The death of a family member is a devastating and painful experience that no amount of insurance can ease. However, having the right life insurance coverage can help to protect your family from additional financial devastation. But how much life insurance is enough – and what is the right kind for your family? We can help you access the proper amount of insurance needed dependent on your unique circumstances and concerns, then recommend the amount and type of coverage to ensure that you and your family are properly protected. As an independent advisor, We have no ties to specific carriers, so we recommend policies that provide the largest amount of benefit for the lowest premium; are affordable; and will remain in force at the time when your family is most likely to need them.

When shopping for life insurance, consider needs such as replacing income, college education costs, emergency funds, final expenses and settlement of estate costs so your family can maintain its standard of living. As a rule of thumb, you should seek coverage between six and ten times your gross annual income depending on circumstances. There are two general categories of life insurance; Term and Permanent.

Term insurance generally provides coverage for a specified period of time, and pays out a specified amount of coverage to your beneficiary only if you die within that time period. You pay the same amount of premium from the first day of the policy until the term ends. Permanent insurance, in contrast, lasts for the rest of your life or until you terminate or cancel the policy if desired, as long as policy premiums continue to be paid.

Long Term Care Insurance

Long-term care insurance—Unfortunately, you or someone you love may someday need long-term care. Long-term care (LTC) insurance can help you absorb this risk and protect your family's assets in light of the rising costs of nursing home care, assisted living care, and home care.

Home healthcare can cost $50,000 or more per year, and nursing home care can run as high as $80,000 or higher—does your retirement plan account for this large a number? Twice that for a married couple?

Consider that you have to exhaust all of your financial means before Medicaid will pay for long-term care. And neither your group nor major medical insurance will cover long-term care.

We can help evaluate your situation and determine if purchasing a long-term care insurance policy is the right move to insure your future.

Disability Insurance

Disability insurance—The ability to earn income is—likely your most valuable asset. Disability income insurance is designed to protect that asset by replacing a portion of your future income if you become disabled due to an accident or injury.

Medicare Supplement

Medicare Supplement may be necessary to provide additional protection when you begin medicare benefits at age 65. Traditional medicare does not cover the full amount of medical bills. Without supplement planning you may be stuck with a large out of pocket medical expense in the case of frequent or substantial medical need. We can help make sure you are properly covered and substantial medical costs do not interfere with your retirement income stream. We will provide options such as traditional Medicare supplement plans and medicare advantage plans to see what makes the most sense for you.  

Asset Protection

Todays asset protection needs call for more than just strategic asset allocation. Product allocation; buying instruments that can protect your portfolio from negative returns early in retirement is generally considered a more effective means of protecting assets. While tax allocation strategies can protect your retirement funds from ever increasing tax rates.

Diversifying your retirement assets among a variety of vehicles; both insurance and investment oriented, depending on what is appropriate for your situation, may offer the best chance of meeting your retirement income goals throughout your life time.

To learn more about life insurance and other protection planning, please call 973-285-1040 or email me to schedule a no obligation consultation.