Insurance is a critical component in protecting and preserving wealth. That’s why we offer our clients help assessing and purchasing life insurance and long-term care insurance. As an independent agent, we have the freedom to find the appropriate carriers and policies for your needs.
A death in the family isn’t only emotionally devastating. It can also take a tremendous toll on the future financial security of a family. Suddenly, without the deceased’s income, paying the mortgage or providing for a child's college education may become much more difficult.
Life insurance comes in two main types: term and permanent.
Term life insurance pays a specific lump sum to your loved ones. The policy is in effect for a specified period of time, usually from 10 to 30 years.
Generally, you should consider a term life insurance policy to:
- Get valuable coverage at an affordable price
- Help cover specific financial responsibilities like a mortgage or college expense
- Supplement a permanent policy
Permanent life insurance policies are intended to offer insurance protection permanently, as long as you pay your premiums.
Some permanent life insurance policies accumulate cash value. That means the value of the policy will grow each year, tax-deferred, until it matches the face value of the policy. The cash can generally be accessed via loans or withdrawals and can be used for a variety of purposes.
Consider a permanent insurance policy if you want:
- Protection for life
- Payments that stay the same each year
- To put additional money into the policy on a tax-favored basis
- Cash value you can use while you are living
Long-term care insurance
At Generations Wealth Management, we have a passion for long-term care planning. Both Julie and Michelle had dynamic, successful fathers who, while in their early 60s, had cognitive changes. Both were diagnosed with dementia. Given they were otherwise healthy and able bodied, they lived for many years.
Thankfully, both sets of families were blessed that their parents had the foresight to already have obtained long-term care insurance. This allowed their fathers to spend their final years in the best possible memory care centers available without putting a financial strain on their families.
Because the cost of a long-term care event can range from tens of thousands of dollars to more than a million, it makes sense to manage this risk. While people don't want to think about becoming frail or ill, if they haven’t planned for this eventuality, the ramifications for their family and their finances can be catastrophic.
To set up a time to discuss your life insurance and/or long-term care insurance needs, please contact us.
Fixed Insurance products and services offered through CES Insurance Agency or Generations Wealth Management.