Insurance

Life insurance plays an important role in financial planning. Knowing what type of insurance is best for your situation is critical. If you don’t understand your current policy or have been putting off purchasing insurance, give me a call.

There is no one size fits all for life insurance but these are the most common types of life insurance we use for our clients:

  • Term insurance: Generally less expensive than permanent insurance, term insurance is put in place for a set period of time. Great option for almost any age to cover a larger debt or replace income in the event of a premature death.
  • Permanent Insurance: Life insurance that is designed to be in force until the insured dies. Most often used by clients dealing with estate planning (equalization amongst farming/non-farming children or buyouts of business partners), gifting purposes, or to make sure that survivors have tax free benefit at death. When used correctly, permanent insurance can also be a great savings tool to build tax-efficient retirement income.
  • Xpress underwriting: If you’re under age 50 and not a fan of needles, let’s chat about Xpress underwriting. In many cases, clients can be approved for life insurance with no physical required.

There are many variations of each type of insurance including whole life, indexed, term, variable and universal. If you have questions about your policy or don’t fully understand it, give us a call for a second opinion.

For help calculating your needs for life insurance, click here

Long-Term Care

Roughly 70% of people over the age of 65 will need long-term care of some point in their lives” US Dept. of Health (longtermcare.gov-2016) Long term care insurance has become a huge topic of discussion as many baby boomers approach the typical age of requiring care.

There are many different factors to consider when purchasing LTC:

  • Can I afford  my premiums if they increase?
  • Do I have enough cash assets to pay for the costs of the home?
  • What will the cost of the home be when I need care?
  • How do my assets affect the benefit period I should apply for?
  • Does it cover in-home care, assisted living and nursing home?