Life Insurance

Life insurance will protect your family and/or specified dependents in the event of the policy holders death.  It is an essential component in planning for the future.

 

There are many options with coverage, depending on your situation, and there are three main categories of life insurance: term life, universal life, and whole life insurance.

Term Life is the simplest and least expensive type of policy.  It's pure insurance with no cash value account.  A term life policy has only one function: to pay a specific lump sum to whoever you've designated, upon a specific event - - your death.  The death benefit and the policy limit are the same a $200,000 policy pays a $200,000 death benefit. The policy protects your family by providing money they can invest to replace your salary, as well as to cover final expenses incurred by your death.

Whole Life insurance provides permanent protection for your dependents while building cash value.  With this type of insurance, the insurance company manages the policies various accounts.

 

Universal Life insurance provides permanent protection for your dependents and is more flexible than whole life.  Universal life insurance can further fit into three categories: fixed, variable and indexed universal life insurance.

Long Term Care Insurance - Coverage that is available to provide medical and other services to patients who need constant care in their own home or in a long term care facility for assisted living or nursing home. Long term care covers help with daily activities such as bathing, eating, dressing skilled nursing care or rehabilitation training either in a nursing facility or at home cognitive impairment such as Alzheimer's and deals with care-oriented conditions, not cure oriented.

 

Disability Insurance -If you were to become disabled today, how would you earn your living? While medical coverage may cover those bills, you still must pay for food, utilities, the mortgage and other living expenses. Disability income insurance is designed to help replace lost income while you're disabled from injury or illness. The amount paid is usually a percentage of your salary or wages and for a specific period of time.

 

Medicae Supplement - Any policy sold by private companies to provide insurance to those with Medicare is considered a supplemental plan. Also known as Medigap plans, these plans help pay for certain costs that the Medicare program does not.

Annuities

If you are thinking about adding an annuity to your retirement investment portfolio, there are a number of  different types of annuities that you can buy.  Which one is right for you completely depends on what type of investor you are, how much you have to invest, when you are looking to begin receiving the annuity payments, and what type of return you are looking for, amongst other criteria.  There are a lot of pros of annuities for all of them and the good news is that the options are virtually endless.

Long Term Care
Disability Insurance 
Medicare Supplement

Fixed Annuities - Fixed annuities provide a guaranteed rate of return for an investor over the length of the annuity.

 

Equity Index Annuities - Typically these types of investments are tied to the major stock market indexes such as the S&P 500 or Russell 2000.  Equity index annuities are a nice option for the typical investor who isn’t sold on locking in exclusively to a fixed rate of return.

 

Immediate Annuities – Immediate annuities are attractive for investors close to retirement because they provide a guaranteed rate of return rather than risking their nest egg on the open market.

 

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