Life Insurance, Disability Insurance, and Long Term Care Insurance
Protecting You and Your Family, Business, and Estate
Life insurance is not always easy to discuss. No one wants to talk about dying. Especially when they’re healthy with an active family life and successful career. Same with disability insurance. As we enjoy our busy lives, it’s natural for all of us to put off thinking about death or disability.
But some of the most difficult situations we deal with are when the life of a middle aged man or woman is upended after a serious illness or diagnosis.
Yes, life insurance is tough to talk about. But much easier to deal with when you’re of sound mind and body. And with the cost of nursing homes today, that includes thinking about Long Term Care Insurance when premiums are affordable.
The problem is, if you consider life, disability, or long term care insurance after a serious illness or diagnosis, the premiums will be much higher…if you can get it at all.
We know of people who have left their family and their business in trouble because they didn’t provide the funds needed to continue on. And that’s the question you should ask yourself.
“What would happen to my family or business if I suddenly passed away or became disabled?”
Your Family Without You
When it comes to your family, income replacement is the primary concern. Even in two income families, you probably base your lifestyle on both incomes. Without yours, could the family keep up on the home’s expenses? Pay the taxes, upkeep, fuel, and food costs? Life insurance can replace your income so your family isn’t financially disrupted if something happens to you.
Your Business Without You
Can your business continue without you? If not, your family may have to sell it too quickly, getting less than it’s worth. You may have a buy-out agreement with a partner or key employee, but is it funded? How will the partner or key employee compensate your family for their share of the business?
Life insurance can replace the revenue you generated and fund an equitable buyout. This way your family gets paid immediately for its share of the equity and the key people left in the business can continue serving customers and generating revenue.
What About Your Estate?
If you will have an estate tax due at your death, you can finance it with life insurance. We’ll help you estimate your tax with the help of your CPA and tax attorney and include that amount in your life insurance benefit.
Nursing Home Expenses and Long Term Care Insurance
Nursing home care, assisted living, and even home elder care can cost $50,000 and more per year. That’s why we recommend long term care insurance to our clients. It helps pay for a safe, dignified, and comfortable life when the effects of aging make a nursing facility or paid help in the home necessary.
Happily, You Live a Long Life
What happens to your life insurance as you get older and your responsibilities change? If you’re lucky enough to enjoy a nice retirement and see your kids and grandkids grow, you can designate them as partial beneficiaries. You can also assign your favorite non-profits or your alma mater as beneficiaries receiving all or a portion of the death benefit.
Life insurance, disability insurance, and elder care insurance protect you from financial loss. We guarantee, it’s much easier to talk about life insurance well before you need it! Call us today to start the conversation.