RISK MANAGEMENT SERVICES

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A ROADMAP FOR YOUR FUTURE

Our Risk Management Services

A Financial Plan for individuals and couples will create a roadmap of what the financial outcome looks like through the years. It is not a set it and forget it document, rather it is a living breathing document that is dictated by the need for change on an ongoing basis. In our firm Financial Plans are reviewed annually & updated annually for relevancy. Our lives ever evolve and so does the need at different times in our lives for adding Life Insurance, Disability, Insurance & Long-Term Care Insurance as well as a viable Retirement Plan.

Life Insurance

As a society, we are bombarded by advertisements online, on the radio in our cars and on our televisions to buy life insurance and pay a very small fee. What they don’t say is that each person and situation dictate the cost of all insurance policies. We offer a no cost life insurance evaluation, which narrows down recommended types of life insurance and premium cost to help you decide what is right for you.


Types of Life Insurance:                              

·      Term life insurance provides protection for a period of time with no cash accumulation at a reasonable cost.

·      Permanent life insurance provides protection while providing an opportunity for cash value growth for all years with a more expensive cost

 

Determining Factors for Life Insurance Evaluation:        

·    Current Employment and Bio Information- Individual, Family, Single Parent

·      Current income, monthly expenses & Assets

·      Survivor needs- College Planning, Estate Planning

Disability

Disability is a major cause of bankruptcy in the United States. The likelihood of being diagnosed with and illness or becoming severely injured causing the inability to be a productive member of today’s work force is a very high number.  The federal government created a National Social Insurance Plan that all know in the US as the Social Security system. A part of the National Social Insurance plan offers those persons who would have no other income due to illness or injury a monthly stipend. The need to plan is critical because the person who cannot work and bring income home is still at the table and in need of daily

In addition to Government Disability SSI, independent carrier actuaries have created plans offering individual’s personal disability plans adding increased monthly income benefits for different periods of time. Business owners have also offered disability to their employees as part of the employee Benefits being offered.

Types of Disability Offerings:

  • Government-Social Security Disability Income
  • Individual Disability Income

Business Overhead

Long Term Care

Non-medical care as we age began to be a very big need in our country as well as other countries during the 1970’s and 80’s. This coverage was soon to be known as Long Term Care, (LTC). Carriers offered as an insurance for individuals that could not perform 2 out of the 7 activities of daily living. These activities were determined to be Eating, Bathing, Dressing, Toileting, Continence, Transferring and Cognitive Impairment. The insurance was there to provide reimbursement for assistance in a facility or in the home. About 70% of people over the age of 60 will require some type of care. Today about 30% of people between the age of 18 to 64 will require some form of assistance and care that is not medically necessary.

 

This LTC need allowed all States to become Partners, in part due to the Deficit Reduction Act of 2005. The State Partnership allows individuals to purchase a Long-Term Care plan that will reimburse them for services needed, but also allow them to protect their assets based upon the amount of coverage they purchase even if they enter a facility they would not have to use assets under protection.

 

Many individuals do not want to burden family members and children with their care. This insurance allows for supervision of the loved on without providing the care.

 

Types of Long-Term Care Insurance:

·      Traditional LTC Long-Term Care Policy

·      Hybrid LTC Long Term Care- Permanent Insurance policies with LTC Rider