Life & Long-Term Care Insurance
Check the background of investment professionals associated with this site on FINRA’s BrokerCheck.
There are many different types of life insurance including Term, Whole Life, and Variable Universal Life.
Life Insurance SolutionsIf someone counts on you for financial support, you probably need life insurance.
- Life insurance lessens the financial burdens on the people you leave behind when you die.
- It has the potential to provide funds to your loved ones to cover the costs of things such as final expenses, outstanding debts, planned educational expenses, and lost income.
- Working with a professional helps you understand the best option for you and your loved ones.
Temporary (term) Insurance
As a general rule, people purchase term-insurance policies to insure their families for a given period of time, usually no longer than 15 to 20 years.
For instance, term insurance is often purchased by homeowners carrying a mortgage or by parents of young children. Term insurance is also called pure insurance—it consists of a death benefit only. It’s inexpensive compared to other types of life insurance products.
Permanent Insurance Solutions
We will work with your attorney, accountant and other professionals to ensure your plan is executed as you wish.
If your insurance needs are longer than approximately 20 years, it’s usually more cost effective to use a "permanent" life insurance policy. Whole life and universal life are common types of permanent life insurance.
These types of products contain an investment component, and can allow you to accumulate savings on a tax-deferred basis. Some allow you to borrow against any cash value you have built up in the policy.
There are many different types of life insurance products to fit your own personal needs and situation. Policy loans accrue interest and will reduce the death benefit. A policy loan could result in tax consequences if the policy lapses or is surrendered while a loan is outstanding.
Variable Universal Life Insurance policies are subject to substantial fees and charges. Policy values will fluctuate and are subject to market risk and to possible loss of principal. Guarantees are based on the claims paying ability of the issuer.
Long Term Care Insurance
Long-term care insurance is designed to pay for the cost of your care in a variety of settings, including a nursing home if you can no longer care for yourself independently. Long-term care policies vary widely in their coverages, limitations, and exclusions.
A comprehensive policy generally covers the costs of round-the-clock nursing home care, including that given at custodial, intermediate, and skilled levels. The policy may also cover any expenses associated with assisted-living residences provided that the facility is state certified. Adult day-care centers are often covered as well, as is respite care, which is the temporary professional care you'll need if your regular caregiver is on vacation. Policies may also pay for at-home care provided by registered nurses; respiratory therapists; physical, occupational, or speech therapists; registered dietitians; or licensed social workers.
Policies may also cover the cost of caregiver training for a family member or friend. Finally, the insurance may cover the cost of an independent health-care professional, such as a registered nurse, who will act as your personal care consultant. Such a benefit gives you an objective person with whom you can discuss the quality of your care.
Insurance companies will require that you meet certain conditions before they issue the benefits. For example, they usually require that you be unable to perform certain regular daily activities by yourself, such as normal bathroom functions, bathing, dressing, and eating. Companies will also issue benefits because of cognitive loss as a result of Alzheimer's disease, senility, and other forms of dementia. All of these requirements are explained in the policies. Make sure you speak with a trusted insurance professional before you purchase this coverage.
|Not Insured by FDIC or Any Other Government Agency||Not Bank Guaranteed||Not Bank Deposits or Obligations||May Lose Value|