What is Insurance Planning?
Insurance and risk management is an important piece of the financial planning process. Insurance transfers the financial risk of life's events to an insurance company. A sound insurance strategy can help protect your family from the financial consequences of those events. Strategies can include life, disability, health, long-term care, medicare and medicare supplement, and liability insurance.
Life Insurance
Life insurance provides money to the people who depend on your paycheck when you pass away. At that time, the life insurance company would pay a set amount of money (the "benefit amount") to your beneficiaries. You can name any person you'd like as a beneficiary — and you can even name more than one.
Disability Insurance
No one foresees needing disability benefits. But, should a problem arise and you are unable to work, disability insurance provides partial income to help cover expenses when needed. Disability happens to more people, more often than you may think.
Long Term Care Insurance
Long-term care insurance policies reimburse policyholders a daily amount (up to a pre-selected limit) for services to assist them with activities of daily living such as bathing, dressing, or eating. You can select a range of care options and benefits that allow you to get the services you need, where you need them.
Medicare Supplement Insurance
Medicare Supplement Insurance helps fill "gaps" in Original Medicare and is sold by private companies. Original Medicare pays for much, but not all, of the cost for covered health care services and supplies. A Medicare Supplement Insurance (Medigap) policy can help pay some of the remaining health care costs, like copayments and coinsurance.