Financial Planning and Risk Management
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.
Types of Life Insurance
Term life insurance provides protection for a period of time with no cash accumulation at a reasonable cost, whereas Permanent life insurance provides protection while providing an opportunity for cash value growth for all years with a more expensive cost
Factors for Life Insurance Evaluation
· Current Employment and Bio Information- Individual, Family, Single Parent Current income, monthly expenses and assets are the primary factors of consideration, while survivor needs- college planning, estate planning and also very important.
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.
The Risk of Disability and Protection Options
Types of Disability Offerings:
- Government-Social Security Disability Income
- Individual Disability Income
- Business Overhead
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.
