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Insurance Planning

Explore the New Opportunities Each Decade of Life Will Bring You with

You have worked hard to accumulate your assets and may need a plan in place to protect them and your family in the event of something unforeseen such as death, disability, or declining health should occur. Our insurance department will help you define your insurance needs as your circumstances change with the different stages of life –insuring against life’s unexpected changes.

Insurance Planning Services

Life Insurance

Term Insurance (also known as Pure Life) is an insurance product that is that guarantees payment of stated death benefit if the covered person dies within a specified period. Term Insurance comes in either 10-year, 20-year, or 30-year level term and has a fixed premium for the life of the contract. Once the specified level period is up, policyholder has the option of converting to another policy. If no conversion happens then the policy is over.

Universal Life Insurance (also known as Flexible Premium Adjustable Life Insurance) is an insurance product is also a permanent life insurance but has an investment savings element. Ul Policies have flexible insurance premiums and can accumulate cash value. The insured has the option to pay more premium to add to their cash value or if enough cash value is available, have the option to use this cash to pay premiums.

Whole Life Insurance (also known as Straight Life or Permanent Insurance) is an insurance policy that runs for the insured’s whole life until death or the age of the policy which is typically to age 95 to 120. Premiums for a Whole Life policy are fixed are much higher than Term Insurance. This type of policy will remain in force for the life of the insured, if the premiums are paid. This insurance will begin to accumulate cash value after the third year of premiums have been paid.

Long Term Insurance

Coverage that provides nursing-home care, home-health care, personal or adult daycare for individuals age 65 or older. LTC can be very expensive and on average a cost for a nursing home is $200 to $300 per day. With LTC insurance insured’s pay a annual premium and it typically covers $6,500 to $7,000 a month of nursing home expenses. These policies often come with a compounding factor which increases your monthly benefit over the years to keep pace with rising costs of nursing care facilities.

Medicare Options

Medicare Supplement (also known as Medigap) is an insurance product that helps to fill in the gaps of what Medicare Part B does not cover such as Copayments and Coinsurance. Depending on the plan you choose, if Medicare covers it then the Medigap policy will either cover some or most of the remaining costs. Premiums for this coverage is a fixed annual premium but with little to no additional out of pocket costs.

Medicare Advantage (also known as Part C) is an insurance product that takes place of the Medigap plan. Medicare Advantage have stricter rules then a Medigap policy, but the premiums are much cheaper. However, the out of pocket costs to the insured are very high and should be considered when choosing this type of plan. It does have some added benefits that is not offered with Medigap such as Prescription drug coverage, vision and dental.

Medicare Part D (Prescription Drug Coverage) is an insurance product that helps to cover your Prescription drugs. Even though we do not enroll you into this plan, we will help to run quotes and give you the data needed to enroll. Every October a letter will go out to you from us to see if there is a better plan for you to save on costs.

Our Insurance Planners Will Help You Understand Why Insurance Planning is so Crucial to Successful Investing and Finances

Without a proper plan in place for your future, it becomes unlikely that you will be able to retire comfortable, have successful investments, or have anything to leave behind as a legacy to your beneficiaries. Insurance planning is a way to minimize risks in the unknown future by lining everything up to set you up for success when it comes to investment and retirement planning. As all good financial planners and advisors know, managing your risks is key to having a successful financial portfolio. In order to build your wealth, you first must have a plan in place to preserve it. This is where insurance planning comes into play.

Together, We Will Determine if Life Insurance is Beneficial for Your Financial Situation

We firmly believe that if we do not understand our clients’ complete financial situation and goals, then we cannot make sound insurance recommendations. Not everyone needs to purchase insurance and we believe there is a time and place for it. We are independent insurance representatives, allowing us to offer you a variety of insurance types from an array of highly rated companies.

As retirement approaches, we are here to help walk you through the Medicare process. There are different options available and we would review them each with you. No matter which option you choose, there is a specialist available to guide you. For there are some insurances that we do not provide, we work with a specialist that will be there to help you.

Contact us today to schedule a free consultation to walk through your financial goals and to determine if insurance planning is right for you.