Insurance is essential to any comprehensive financial plan. If tragic events like death, disability or critical illness strike, insurance can protect you and your family from undue hardship.
Our professionals have access to a variety of insurance products that can help meet your financial planning needs. We will work together to design a customized plan to help protect one of your most valuable assets – your income – from unexpected events.
In the event of death, life insurance offers surviving family members and beneficiaries increased financial security. As a tax-free lump sum payment, it can pay for final expenses and debts, as well as provide income for the deceased’s dependents.
The advantages of life insurance include:
- A safety net for your loved ones at a time when funds are most needed
- Death benefits that are almost always non-taxable for named beneficiaries
- Avoid probate costs if you name a beneficiary other than your estate
- Potentially offer your loved ones creditor protection through some life insurance plans
- Leave a legacy to charities you supported during your lifetime
Life insurance can play a vital role in your financial plan. We will guide you in selecting coverage from a variety of options to meet the needs identified in your plan.
Long-Term Care Insurance
Unless you know someone who has needed long-term care, you may not be familiar with the concept. Depending on the type and level of care, the cost of long-term care can be crippling to a financial plan. According to Genworth’s Cost of Care survey for Roanoke, Virginia, in 2019 the cost of care ranged from $4,000 to $8,000 per month.
Long-term Care Insurance has evolved over the years and there are many options to help you prepare for the possibility of needing help. Not everyone needs or qualifies for long-term care insurance, but everyone needs a plan on how to pay for the costs
We can help you evaluate considerations such as:
- Planning for your preferred way to receive long-term care: in-home assistance, at an assisted living community, or through a skilled-care provider, commonly referred to as a nursing home.
- Identify which of your assets would be liquidated first to pay for long-term care
- Work to plan for the need to withdraw larger sums of money from your investment accounts to cover the increasing cost of the care.
Disability and Critical Illness Insurance
Income is important for both current financial obligations (e.g. grocery bills and mortgage payments) and for future financial (e.g. planning for your children’s education or for retirement). Just think what might happen if you suddenly lost your income stream through a long-term illness or disability.
Disability Insurance products help protect your ability to earn an income, which can be negatively impacted if you are afflicted by a disability or other condition which may prevent you from working as you once did.
Critical Illness Insurance was designed to help cover the cost of care not covered by traditional health insurance following medical emergencies such as cancer or stroke.
Some ways you may benefit from these types of insurances include:
- Help to maintain your financial independence
- Continue current lifestyle in the event your income is negatively impacted by a covered condition
- Assist with paying fixed expenses for your business if you become disabled
- Support the buy-out of a disabled partner’s share of a business
We can help you tailor your financial plan, so it protects your income now and into the future.
The cost and availability of life insurance depend on factors such as age, health, and the type and amount of insurance purchased. Before implementing a strategy involving life insurance, it would be prudent to make sure that you are insurable by having the policy approved. As with most financial decisions, there are expenses associated with the purchase of life insurance. Policies commonly have mortality and expense charges. In addition, if a policy is surrendered prematurely, there may be surrender charges and income tax implications.