The analysis of risk and insurance needs is a crucial process in realizing Confidence in Retirement™.
Insurance transfers the financial risk of life’s events to an insurance company.
A sound insurance program can help protect your family from the financial consequences of those events. We work with insurance specialist to transfer risk away from our clients in order to minimize their risk.
A risk management program can include:
Review Homeowners and Auto Coverage
We know that assets need protection.
We also know that some assets are liabilities waiting to happen (automobiles, boats, etc.). In a litigious society, we believe in carrying more than the state mandated coverage to protect you and your family.
We also believe that having a trusted property and casualty agent is important.
Our partners will review your existing coverage for suitability. They will then check to see if they can provide more coverage for a competitive price or maintain coverage for lower policy premiums.
Assess Future Health Care Costs
Stop Guessing — Start Planning!
Perhaps the most under-planned-for expense over the past ten years has been the exploding cost of medical insurance coverage.
We review what, if any, retiree medical coverage you have and project what the potential future costs are that you should prepare for. These are customized based on your current medical condition.
The assessment is a personalized estimate of retirement health care costs to help you plan for the future. It includes medicare, out-of-pocket, and long-term care expense estimates.
Get a better idea of your expected retirement health care expenses with a Health Care Cost Assessment.
Provide Life and Disability Insurance Audits
Life Insurance. Some people love it. Some people hate it. Why have it?
We believe that clients who are earning an income that others depend on should have life insurance. It’s there to provide an asset that can be used to replace lost family income. Beyond that, high income earners who save a lot can accumulate cash value in a policy that can provide tax-free income later.
Our audit provides a review of existing policies to help assess their current cost benefit. Many people have polices that were issued in the early 1990’s. People are living longer, which allows policies issued today to cost less (policy owners are expected to pay less over a longer period of time). The audit takes into account current cash values, current premium costs and compares them to current rates.
Disability Insurance helps replace lost income when a worker can no longer perform their job. These plans can be purchased through an employer or separately. Depending on how they are purchased, benefits are either taxable or tax-free. These plans are separate from Social Security Disability. Some disability plans also provide the option of receiving an upfront, lump-sum, payment in addition to replacing lost wages.
A disability insurance audit reviews existing policy coverage and compares that to current income replacement needs.
Review Your Long Term Care Needs
Long term care brings different meanings to many.
There have been a lot of changes with health care and insurance over the years. The nursing home is the choice of last resort for most. Fortunately, insurance companies now provide benefits for in-home care as well as some assisted living facilities. The newest policies allow for a deposit-based insurance . . . an attractive alternative when interest rates have been so low for so long. We’ll help you get a better idea of your expected long-term care expenses with a Health Care Cost Assessment.