Broker Check

Insurance

Property & Casualty Insurance: While most individuals are aware of the need for auto insurance or homeowners insurance they are unsure of how coverage works or what the appropriate levels of coverage should be. Understanding the appropriate coverage limits and coordinating deductibles and other levels of coverage are an important component to maximizing your protection and trying to minimize costs.

Umbrella Liability Insurance: A commonly overlooked level of protection an Umbrella Liability Insurance policy can enhance your overall protection for minimal cost.

Disability Insurance: You protect your car and your home or your valuables with insurance against loss but what makes all those assets, investments, vacations and life’s pleasures possible? YOUR INCOME!

Disability Insurance provides protection against the loss of income due to illness or accident. While there are many different types of policies, riders and benefits, understanding your level of coverage and how to properly structure an individual disability policy around your group policy and personal assets is an important step in protecting your financial future.

Long Term Care Insurance: Designed to cover medical expenses in the event you cannot perform 2 of 6 activities of daily living (ADL’s). This sector of the industry and seen the greatest change in policies and pricing over the last decade. The statistics below give an overview of the tremendous financial impact a long term care claim can have. Exploring strategies to address this issue will help preserve assets and bring a greater degree of financial certainty to your retirement years.

Long Term Care Insurance Claims – Data From Genworth Study (2014)
Youngest Claimant27 years old
Oldest Claimant103 years old
Most expensive claim (still ongoing)$1.3 million
Percentage of claims lasting more than 5 years15%
Average length of claim if more than 1 year3.9 years
Percentage of claims lasting more than 1 year50%
Claim started with home care71%
Claim started with assisted living facility13%
Claim started with nursing home care16%

The following industry data compiled by the American Association for Long-Term Care Insurance from leading LTC insurers. Data may be used when properly sourced to: “American Association for Long-Term Care Insurance, 2012 LTCi Sourcebook.” Policy data is based on 2011 applicants for individual policies.

Life Insurance: Many folks believe life insurance only provides a death benefit to the family in the very unlikely event of a breadwinner’s death, so the cost and ownership of this “necessary evil” should be minimized. This viewpoint is often reinforced by competing advisors and financial institutions, to help steer consumers towards their often-riskier financial strategies and away from the other benefits of owning life insurance.

For many folks, the lowest-priced life insurance is all they can afford, so the traditional approach of renting term insurance to get important protection for their families may make the most sense for them.

Even those lucky enough to have more financial flexibility often view life insurance negatively, because by following traditional advice they own it in the wrong amount, in the wrong form and at the wrong funding levels. Once they understand that, like many things in life, the lowest price product isn’t necessarily the cheapest in the long term, folks appreciate the varied benefits life insurance can provide.

A strategically designed life insurance plan can provide so much more than just a cash death benefit resulting from an unlikely death. Life insurance can fit into your plans for secure wealth accumulation, income and estate tax advantages and a richer and more flexible retirement.

There are many things that you should consider before purchasing a life insurance policy, including:

  • Your protection goals, based on your current income and family situation, estimated final costs, future obligations, inflation, and your other financial assets and liabilities
  • Other financial goals, such as accumulating wealth, avoiding income taxes and steady, guaranteed asset growth
  • Other legacy goals, including protecting your key assets, funding estate taxes, giving to charities and wealth transfer
  • What types of policies provide the right mix of price and benefits for you
  • Your current health, and the risks of future changes
  • How much cash flow or assets you can commit to funding a life insurance program

Your life insurance policies should be reviewed periodically, especially when there is a life-changing event like a marriage, divorce, birth or adoption. Life insurance policies should also be reviewed if you make a major purchase such as a house or business. Any of these events might change of amount of protection that you and your family need.