Term Insurance (Life)
Insurance that covers "temporary" situations that have a known and/or expected end date. This may include insuring against the loss of a family member to cover off mortgage or other debts, or income replacement for that person for a planned period of time after their passing. Term is a cost effective solution to cover those needs you have for the near future, typically just into retirement.
If you have a benefit plan at work, you may have a small amount of insurance, but is this enough? What happens to it when you leave that employment? If you have insurance on your mortgage through the lender, are you paying too much, and what does it actually cover?
Disability Insurance (Income Replacement)
A person's largest asset in life is their ability to earn an income. Disability coverage comes in many forms and it can be confusing to truly understand what your actual coverage is. To maintain your lifestyle after an injury or sickness, how will your bills continue to be paid?
Do you know exactly what your coverage at work will pay you? When it will pay? For how long will it pay? Is your group plan designed to have you reassigned to a new job instead of the one you were in? Are you self employed, and not have coverage for your income?
A lump sum benefit paid if you unfortunately are diagnosed with a critical illness such as cancer, heart attack, or stroke, in order to help with your recovery. Funds may be used for anything the person wants, or requires. Offset your income, try alternative treatments not covered by regular health plans, or take a trip to relax.
Most clients we have that make a claim use these funds so not to deplete any of the retirement assets which would affect their long term retirement plans. Ask us to "Stress Test" your retirement assets from a critical illness diagnoses.
Permanent Insurance (Estate Protection)
Coverage for those expenses due at death, no matter when that occurs for an individual. These expenses could include final taxes, funeral costs, and maximizing the estate value for the beneficiaries.
This is also a valuable tool for business owners in order to transfer a business successfully while mitigating taxes.