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Change is an inescapable part of life. However, by implementing a sound insurance strategy that identifies potential risks and puts a measure of protection in place, you can help mitigate some of the financial risk. We can assist you in identifying missed opportunities in life, disability, and long-term care insurance.
We consider life insurance to be foundational aspect of a sound financial plan. It can be an important tool in the following situations:
What would happen if you were hurt at work tomorrow and couldn’t go in for a few months? What about a car accident or illness that takes a year or two to recover? If you are the primary income earner of your household, it could mean financial hardship, particularly if you don’t have disability insurance. Here’s a look at why disability insurance is an important protection for your personal finances:
With “any occupation” coverage your insurance only starts if you can’t reasonably do any job. That means you could have to work somewhere else, or perhaps in a lower-wage position, if you are still physically able to work.
“Own occupation” means your insurance will pay if you are disabled and can’t do your own job, regardless of whether you can do something else. This is ideal, as you are probably best trained and have the best income prospects with your own job.
With disability insurance, things are not necessarily easy. If disabled, however, getting disability insurance benefits is a lot better than not having the option.
Long term care insurance is designed to help you cover the costs of a nursing home or other skilled care as you age. As with most insurance policies, you must consider purchasing it before you need it, as policies become either unavailable or prohibitively expensive once it becomes clear that you need the protection.
Long term care insurance generally provides financial help for those who need specialized care on a daily basis. And with rare exceptions, once you start needing nursing-home care beyond a rehabilitation stint that Medicare or your health insurance will likely cover, there's a good chance you'll need that care for the rest of your life.
You may want to consider buying long term care insurance if all three of these apply to you: