Life insurance is an agreement between you (the insured) and an insurer. Under the terms of a life insurance policy, the insurer promises to pay a certain sum to a person you choose (your beneficiary) upon your death, in exchange for your premium payments. Appropriate life insurance coverage may provide you with a feeling of confidence, since you know that those you care about should be financially protected after you die.
The many uses of life insurance
One of the most common reasons for buying life insurance is to replace the loss of income that would occur in the event of your death. When you die and your paychecks stop, your family may be left with limited resources. Proceeds from a life insurance policy make cash available to support your family almost immediately upon your death. Life insurance is also commonly used to pay any debts that you may leave behind. Life insurance can be used to pay off mortgages, car loans, and credit card debts, leaving other remaining assets intact for your family. Life insurance proceeds can also be used to pay for final expenses and estate taxes. Finally, life insurance can create an estate for your heirs.
How much life insurance do you need?
Your life insurance needs will depend on a number of factors, including whether you're married, the size of your family, the nature of your financial obligations, your career stage, and your goals. For example, when you're young, you may not have a great need for life insurance. However, as you take on more responsibilities and your family grows, your need for life insurance increases.
Our experienced advisors can help you to calculate how much insurance you may need and how to get it.
Understanding Long-Term Care Insurance
It's a fact: People today are living longer. Although that's good news, the odds of requiring some sort of long-term care increase as you get older. And as the costs of home care, nursing homes, and assisted living escalate, you probably wonder how you're ever going to be able to afford long-term care. One solution that is gaining in popularity is long-term care insurance (LTCI).
What is Long-Term care?
Most people associate long-term care with the elderly. But it applies to the ongoing care of individuals of all ages who can no longer independently perform basic activities of daily living (ADLs)--such as bathing, dressing, or eating--due to an illness, injury, or cognitive disorder. This care can be provided in a number of settings, including private homes, assisted-living facilities, adult day-care centers, hospices, and nursing homes.
Long-Term Care Insurance is expensive and there are several ways to protect your family including traditional plans, long term care riders on life insurance policies and long term care annuities. The latter offers purchasers the ability to recoup or pass on assets used to secure coverage if it is not needed during your lifetime. Our experienced advisors can assist you in determining which policy best suits your individual situation.
Guarantees are based on the claims paying ability of the issuing company. Eligibility for long-term care and life insurance, and qualifications of benefits is determined on a case-by-case basis. Long-term care insurance policies contain exclusions and limitations. Annuity contracts have fees and expenses, limitations, exclusions, holding periods, termination provisions, surrender charges and terms for keeping the annuity in force. For costs and complete details of coverage, please contact your financial advisor.