- Specializing in Senior Planning
No one wants to think about losing a family member. Without a insurance plan, your family's security is at risk in these ways:
Life goes on, and smart financial choices make the difference for your loved ones. One important issue your wealth advisor will cover is wealth transfer options. You support your children's futures by passing your assets along. Wealth transfer plans include legacy goals to move generational wealth and assets within families.
Insurance solutions are an essential way to manage and preserve wealth. An advisor will evaluate your risk tolerance and offer products that address your needs and goals. Additionally, your wealth advisor can provide information about these insurance products to protect your assets and provide ongoing financial resources for your family:
Life insurance may be one of the most important purchases you'll ever make. In the event of a tragedy, life insurance proceeds can help pay the bills, continue a family business, finance future needs like your children's education, protect your spouse's retirement plans, and much more. If you're considering securing you and your family’s financial future, we would be happy to review your current situation and offer a few ideas on how you can protect it!
Term Insurance is the most affordable type of insurance when initially purchased, is designed to meet temporary needs. It provides protection for a specific period of time (the "term") and generally pays a benefit only if you die during the term. You may decide that you only need coverage until your children graduate from college or a particular debt is paid off, such as your mortgage. One should look at the company's permanent policies as well should you want or need to convert any or all of the face amount over to lifetime coverage should you become "uninsurable".
Loans, credit card debt, estate costs, the funeral... most people leave behind unpaid expenses when they die, expenses that, if left unattended, burden their families tremendously. Final expense coverage is life insurance that pays off these debts, and is a type of whole life insurance that has more simplified underwriting, if any, and a smaller face amount.
Universal Life Insurance was created to provide more flexibility than whole life insurance by allowing the policy owner to shift money between the insurance and savings components of the policy. Premiums, which are variable, are broken down by the insurance company into insurance and savings, allowing the policy owner to make adjustments based on their individual circumstances. For example, if the savings portion is earning a modest (or high) return, it can be used instead of external funds to pay the premiums. Unlike whole life insurance, universal life allows the cash value of investments to grow at a variable rate that is adjusted monthly.
Whole Life Insurance is a life insurance contract with level premiums that has both an insurance and an investment component. The insurance component pays a stated amount upon death of the insured. The premium is fixed as well as the investment component, given back to the insured in the form of accumulated dividends, or "paid up additions" or PUAs, that can be borrowed from inside the policy. It is guaranteed not to lapse as long as the premiums are paid when due and usually it has a 30 day grace period As the most basic form of cash-value life insurance, whole life insurance is a way to accumulate wealth as regular premiums pay insurance costs and contribute to equity growth in a savings account where dividends or interest is allowed to build-up tax-deferred.