Insurance is essential to any comprehensive financial security plan. If tragic events like death, disability, or critical illness strike, insurance can protect you and your family from undue financial hardship. Some life insurance policies also provide tax-advantaged savings that you can draw on to achieve goals like buying a house or retiring comfortably.
James has access to a variety of insurance products that can help meet your financial security planning needs whether you are still building up retirement savings or are already living off your retirement disbursals. No matter your personal situation — if you’re single or a family; a professional or a seasonal employee; an executive or small business owner — we can work together to design a customized plan that best fits the needs of your financial/retirement planning goals.
Coverage options to consider include:
- Life Insurance Coverage
- Disability, Critical Illness, and Long-Term Care Coverage
- Health Insurance Plans
- Group Health Plans
In the event of death, life insurance offers surviving family members increased financial security. As a tax-free lump sum payment, a life insurance policy can pay for final expenses and debts, as well as provide income for the deceased’s dependents.
The advantages of life insurance include:
- An instant estate for your loved ones at a time when funds are most needed
- Death benefits that are almost always non-taxable for named beneficiaries
- Avoid probate costs if you name a beneficiary other than your estate
- Potentially offer your loved ones creditor protection through some life insurance plans
- Build tax-advantaged capital for retirement purposes or provide liquid savings through some permanent life insurance plans
Life insurance can play a vital role in your retirement savings plan. James can help you select coverage from a variety of life insurance options to meet the needs identified in your financial security plan and based on your current stage in life. Contact us today to find out how.
Disability, Critical Illness, and Long-Term Care
Regardless of your stage in life, an unexpected illness or injury can be financially devastating without the proper protection in place. We can work with you to develop a complete risk management plan to protect your income and your assets in the event of a disability, a critical illness, or the need for long-term care.
Income is important for both current financial obligations (e.g. grocery bills and mortgage payments) and for future financial security (e.g. planning for your children’s education or for retirement savings). Just think what might happen if you suddenly lost your income stream due to a long-term illness or disability.
Disability insurance products help protect your ability to earn an income, which can be affected if you become disabled for a period of time.
We can help you choose the disability insurance products that provide advantages like:
- Helping maintain your financial independence, lifestyle, and long-term financial security plan in the event your income is impacted by disability
- Assist with paying fixed expenses for your business if you become disabled
- Support the buy-out of a disabled partner’s share of a business
Working together, James can help you tailor your financial security plan so it protects your income with disability insurance. Contact James today to find out how.
Critical illness insurance
Suffering a critical illness can be distressing for both you and your family. Help ease the burden through insurance that will reduce financial stresses and can complement disability and life insurance protection needs. By helping pay for the additional expenses often associated with a critical illness or condition, critical illness insurance offers you, your family, and if applicable, your business, added financial security — so you can focus on recovery, not financial concerns.
The advantages of critical illness insurance can include:
- Coverage for up to 22 critical illnesses or conditions
- An initial lump-sum benefit you can use however you wish — from making mortgage payments to seeking medical treatment outside of the U.S.
- Home-care costs during illness and recovery periods
- Individuals who cannot obtain disability insurance in some cases still qualify for critical illness coverage (e.g. a non-income earning spouse)
Contact James today to determine whether critical illness insurance fits into your financial security plan.
Long-Term Care Insurance
The need for long-term care is usually triggered when a person is unable to perform one or more of the activities of daily living, such as getting out of bed, walking, dressing, bathing, or eating. When assisted care is required, and a spouse or personal caregiver is unable or unavailable to provide it, the only option may be to hire the services of a caregiver, such as home health care nurse, or seek admission to a nursing home. These scenarios can place a large, ongoing financial burden on the family, on top of the emotional one, which is why this coverage can be of benefit to a secure retirement savings plan.
Long-term care insurance is designed to cover the costs of nursing home care (some policies or riders can be purchased to cover the cost of home care as well). The benefits are typically payable for a certain period of time and the premium cost is based on the benefit amount, your age, certain health factors, and the length of the waiting period before benefits are payable.
James can work with you to design a long-term care insurance plan to provide the most economical protection for your specific needs and your retirement savings plan.
Health Insurance Planning
Depending on your situation, you may or may not be covered under an employer’s group benefits plan. If not, James can help you choose a health insurance plan that can help cover out-of-pocket medical expenses for you and your family. These plans are designed to provide various levels of enhanced healthcare protection, depending on your needs and the stage of life you’re in.
When designing your customized health insurance package, you can choose from an array of services. Options include:
- Physician services, preventative care, hospitalization, and emergency services
- Paramedical services, ranging from the use of an ambulance to a visit to the massage therapist.
- Prescription drugs
- Vision care if you or your family members wear glasses or contact lenses.
- Access to private or semi-private hospital rooms.
- High deductible plans with a health savings account
Contact James to find out more about enhanced healthcare protection for you and your loved ones.
Group Health Benefits
In today’s working environment, valued employees are looking for more than financial compensation. They also want an employer who supports their health, and the health of their families.
For this reason, either by itself or paired with group insurance products, consider attracting and retaining employees with the help of group health benefit plans. From traditional health and dental benefits to alternative arrangements like employee wellness programs, group auto insurance, or flexible work situations, group benefits help make employees more efficient, productive, and happy. Employers also gain tax benefits, such as premiums that are deductible as a business expense in some cases.
Flexible group benefit plans offer employers and employees cost-effective, customized ways to address their financial needs. Choose from an array of benefits like:
- Extended health and dental care coverage, which includes options like prescription drugs, paramedical services, vision care, coverage, basic dental work and orthodontics
- Group life insurance
- Group short- and long-term disability insurance
- Employee assistance and wellness programs
- Alternative group benefits, such as group auto insurance or flexible work arrangements
- Group critical illness coverage, to help ensure your employees can survive a critical illness
- Benefits plans tailored to specialized employee groups, such as foreign or part-time workers
Contact James today to learn more about benefits products and services that fit the needs of your business.
Overall, insurance is an integral part of any solid financial plan, whether pre-retirement or during retirement. Start with a consultation to discuss your financial security concerns, or review an existing retirement plan to discuss whether it is optimized for your goals. Connect with our office today to get started.