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Safeguard Your Family and Mitigate Risks with Insurance

Safeguard Your Family and Mitigate Risks with Insurance

June 01, 2024

We understand that despite all the careful planning in various aspects of your life, unexpected events can and do happen. Being prepared for these uncertainties is crucial, especially when it comes to the well-being of your family. One of the key preparations you can make to mitigate risks is investing in insurance. While age is an important consideration, the most unpredictable factor is often longevity.

There are many different types of insurance available to our clients, and we will gladly work with you to determine which one(s) is best for your situation. However, here is some information about the most common types of insurance we offer. 

Whole Life Insurance

Whole life insurance offers fixed premiums in exchange for a guaranteed benefit upon the policyholder’s death, along with additional benefits. These policies can build cash value, serving as a cash reserve that earns a modest, tax-deferred return. The guarantees are based on the claims-paying ability of the issuing company.

Term Life Insurance

Term life insurance provides temporary protection at an affordable cost. It covers you for a specific period and at a predetermined price. If the policyholder passes away during this term, their beneficiaries receive the policy benefit. If the policyholder outlives the term, the coverage ends, and they must reapply for new coverage.

Life Insurance Retirement Plan (LIRP)

A LIRP is a permanent life insurance policy with a cash value component that can help fund your retirement. Current tax laws allow policyholders to overfund the policy, creating potential tax advantages, including the ability to withdraw the cash value tax-free.

Long-Term Care Insurance

Long-term care insurance provides a daily or monthly benefit if you suffer from severe cognitive impairment or are unable to perform at least two of six daily living activities. These policies typically reimburse actual costs incurred. According to Genworth’s 2023 Cost of Care Survey, skilled nursing in Maryland costs around $13,000 per month.

Annuities

An annuity is a contract between you and an insurance company promising periodic payments, either immediately or in the future. You can purchase an annuity with a single payment or a series of payments (premiums). Annuities can help you save for retirement, convert your savings into a stream of retirement income, or both.

Disability Income Insurance

Disability income insurance ensures you and your family have an income if you become ill or injured and are unable to work. Benefits are provided tax-free when paid with after-tax dollars. For business owners, disability insurance can be structured to provide necessary business income to continue operations and payroll if you become disabled. A personal disability policy would complement this by covering your own salary needs.

Every individual’s situation is unique, so it’s essential to meet with your financial advisor to determine the best insurance options for you and your family. Give us a call today to learn more.