Insurance
Life Insurance
Life insurance protects against the risk of unexpected death. It can also be used save for retirement, transfer wealth, and fund a buy-sell agreement.
Disability Insurance
Disability insurance protects against the inability to work due to unexpected injury or illness by providing income replacement.
Long Term Care Insurance
Long term care insurance protects against the costs of extended care. Most of these costs are not covered by Medicare or health insurance.
Annuities
Annuities insure against outliving your money. The insurance company continues paying guaranteed income, even when there is no value left in the annuity.
Term or Perm?
Term insurance is a cost-effective option that provides coverage for a specific period. It's ideal for replacing lost income, covering debts, and funding education in the event of early death. Permanent insurance, on the other hand, is more expensive but offers a death benefit regardless of how long you live. It can be used to equalize your estate, pay estate taxes, fund a special needs trust, or increase your legacy.
Fixed or Variable?
Fixed products offer a guaranteed benefit, providing peace of mind with predictable outcomes. Variable products, however, allow you to invest within the policy, offering the potential for tax-sheltered market growth.
One Life or Two?
Joint life annuities provide ongoing income as long as one spouse is still alive, ensuring financial security for the surviving spouse. Second-to-die life insurance pays out to beneficiaries only after both spouses have passed away, making it a valuable wealth transfer tool.
For Me or for Them?
Life insurance is often thought of as a way to leave a death benefit to protect family. However, high-income earners who have maximized their 401(k) and IRA contributions can use life insurance to build a tax-free retirement plan.
What About Taxes?
Many insurance policies pay out tax-free benefits. However, insurance can be part of your taxable estate if not properly excluded. I work with your estate planner and tax advisor to optimize your protection, retirement, and wealth transition goals.
What About My Business?
Business owners can use key person life insurance or key person disability insurance to protect against the financial impact of losing a critical employee. Life insurance can also fund buy-sell agreements between business partners, ensuring a smooth transition. Permanent insurance can help equalize your estate if only one heir will take over the business. High-income business owners may also be interested in a tax-sheltered life insurance retirement plan.
When Should I Buy?
Life insurance is more affordable when you're younger and should be in place before any health issues arise. Long-term care insurance can be considered as early as your late thirties and as late as your sixties. Annuities are typically more relevant as you approach retirement. Sometimes, the cash value in an older policy can be exchanged for a new policy or product that better fits your current needs.
By planning ahead and choosing the right insurance products, you can secure a more stable and prosperous future for yourself and your loved ones.
Assess Life Insurance Needs
Can Group, Private Disability Policies Work Together?
What to Look for in an Extended-Care Policy
