Insurance Planning

Why Consider Life Insurance?

While having a financial roadmap for expected life events such as marriage, home ownership, children, college, and retirement is important, what happens when things don't occur in the order you planned?  A sound financial plan should consider incorporating life insurance to help address the life's roadblocks you may face and to support estate planning, tax-free growth, and distribution.

Are your loved ones safe and provided for if you die?  Will the loss of your financial support further devastate their lives?  Will Government or employer-sponsored benefits be reduced upon your death?  Can your surviving beneficiaries weather this storm? Would your sudden death leave no inheritance for your heirs?  Will federal and state "death" taxes financially devastate your family and force them to liquidate beloved assets in order to satisfy the debt?
Will your loved ones be able to afford the costs associated with your final expenses?  Funeral and burial costs, probate and estate administration costs, not to mention medical expenses not covered by health insurance, can derail your family's future.

Beyond protection, certain life insurance policies can also serve as wealth-building tools, offering potential tax-free income through loans or withdrawals, as well as tax-free distributions to beneficiaries.

Purchasing the correct type of life insurance helps to  enhance your financial plan and the security of your loved ones in the face of the unexpected.  It may facilitate the strategic transfer of assets to beneficiaries.  We consider all of the possibilities and suggest options best suited to your current situation.  We also address the need to continually review your circumstances to adjust coverages as your situation changes.  We help you design a strategy that enhances your financial plan using the right mix of term, whole life, or indexed universal life insurance — tailored to your evolving needs and goals.

Ask yourself:

• Would your loved ones be financially secure if you passed away suddenly?
• Could they cover final expenses such as medical bills or funeral costs?
• Would estate taxes reduce the inheritance you intend for them?
• Would the transfer of assets to beneficiaries at the wrong time or in the wrong amount be detrimental to the beneficiaries?

According to the U.S. Department of Health and Human Services (HHS), about 70% of adults aged 65 and older will need some form of long-term care services and support at some point in their lives, needing assistance with activities of daily living such as bathing, dressing, or eating — at least temporarily.

The average duration of long-term care is about 3.2 years, and approximately 20% of adults 65+ will need care for five years or longer.
_{(Source: U.S. Department of Health and Human Services, A Place for Mom, 2024)}

Will you be able to afford nursing home or in-home care when the time comes?

Nobody wants to think about the possibility of needing long-term care.  But if, somewhere down the line, you and/or your spouse do need assistance, will you have the funds available to pay for care?  How much will an extended stay in a nursing facility or home care cost?  Will you be able to meet these costs and still pay for you and/or your spouse's personal living expenses?  Will there be enough left over to provide an inheritance for your loved ones or your favorite charity?  Does it make sense to self-insure when private long-term care coverage may be available? 

Long-term care insurance helps protect your assets, preserve independence, and ensure quality care — without burdening those you love.  Without proper planning, these costs can quickly deplete savings or diminish the legacy you've built.

Health insurance plays a vital role in protecting your financial well-being.  A sudden illness or medical emergency can lead to significant expenses that can quickly erode savings and impact your long-term goals.

The right coverage helps you:

• Manage medical costs and avoid large, unexpected bills
• Access quality care and preventive services that can significantly improve your health and life expectancy.
• Protect your loved ones.
• Protect your retirement and investment assets from healthcare expenses

We'll help you evaluate options — whether through employer-sponsored plans, private coverage, Medicare, or Supplemental policies — to help ensure your health protection aligns with your financial plan and stage of life.

The chances of becoming disabled are higher than you might think.

You can avoid the conversation, but not the reality:

• 1 in 4 of today's 20-year-olds will become disabled before reaching full retirement age.
• The Council for Disability Awareness (CDA) and LIMRA report that most long-term disabilities are caused by illness, not accidents.
• The average long-term disability claim lasts nearly three years.
  _{(Source: LIMRA, 2024)}

If you became disabled, would your income and lifestyle be protected — or would you and your loved ones face severe financial hardship?

Disability insurance replaces lost income and helps you maintain financial stability when life takes an unexpected turn.