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Protection Strategies

Premature Death Risk

Life insurance is a way to provide for your loved ones in the event of a tragedy that happens to you. The money they receive can be used to help pay for expenses, loss of income, debts, educational needs, mortgage payments, and more.

We understand that you have worked hard to provide a quality life for your family, and it’s natural to feel responsible for protecting your family’s financial future. Regardless of where you are in life, no one wants to think about the worries that affect us all — but being prepared can make all the difference for the ones you care about most.

To be prepared, you need to ask yourself the hard questions:

  • Could my family stay in the house we’ve created together if one of us is not here to help pay the bills?
  • Are future goals protected if the sources of funds are no longer there?
  • Can I provide funds for my family to help maintain the status quo and provide the means to offer a better tomorrow than they have today?
  • How much life insurance should I have?
  • Which type of life insurance best fits my situation?

You don’t have to have all of the answers right now – we can help you find them.

Our team of professionals can assist you and your family in finding the clarity to answer these questions with more confidence. We will introduce concepts and philosophies to help you calculate the appropriate amount of coverage to give you peace of mind.

How To Find The Suitable Amount Of Coverage for You?

  • Economic life value (ELV) calculation, which takes into account earnings, employer benefits, and personal services to your family.
  • Needs-based calculation, which typically takes into account one of those areas but would be less than the ELV coverage amount.
  • In addition, we will go over which type or combination of policies is appropriate for you taking into account your current and future situation.

Try our Life Insurance Calculator.

What Financial Tools Are Available That Can Best Help My Family?

There are two main types of life insurance categories available: term life insurance and permanent life insurance.

Term life insurance is an easily affordable coverage set for a specific time frame, which is typically 10 to 30 years. Permanent life insurance, by contrast, offers lifetime coverage with the potential to build equity (otherwise known as cash value) and options for more flexibility. Many people choose to supplement their permanent insurance with term insurance.

Benefits of Term Life Insurance

  • Get the most amount of coverage at affordable prices
  • Cover specific items like house payments or educational expenses
  • Supplement permanent life insurance as needed
  • Permanent life insurance is lifetime coverage with the potential to build equity and has more options for flexibility.

Types of Permanent Life Insurance:

  • Whole life insurance, which has fixed premiums, guaranteed death benefit, and cash value growth.
  • Universal life insurance, which has the flexibility to change payments, premiums, and death benefit options.
  • Variable universal life insurance, which has the flexibility to change payments, premiums, and death benefits, as well as the option to take investment risks in return for a possible higher cash value.
  • Survivorship life insurance, which provides a benefit to the beneficiary after one person passes away.

To find out which is suitable for you, click the button below to learn more about general concepts from a professional, that will help make that decision for today and for your future.

Disability Risk

Many people take out insurance policies for their homes and cars, but oftentimes, they will forget about their most important asset – the ability to work and earn a living. If you become ill or are injured and cannot work, disability insurance can help replace a portion of your income to help cover your financial needs.

There are substantial concerns that could arise when you no longer earn a paycheck, such as the ability to make ends meet, having to use your savings to cover life’s necessities and risk your family’s financial future to afford what you need. Unfortunately, disability and loss of income may be more common than you think.

Consider these facts:

  • Over 37 million Americans are classified as “disabled” - about 12 percent of the total population.
  • More than 50 percent of disabled Americans are in their working years, ages 18-641
  • Seven out of 10 Americans are one paycheck away from being homeless2
  • The average long-term disability claim lasts 34.6 months3

Where can you go from here?

It helps to have a strategy set in place in the event of a disability. To learn how you can protect your future, access this five-step guide from the Council for Disability Awareness and take steps today to protect the financial future of yourself and your loved ones.

You also have to think long-term. How much do you earn in a year and what would that be over a lifetime? A 25-year-old worker who makes $50,000 a year and suffers a permanent disability could lose $3.8 million in future earnings.

For all these reasons, almost anyone who works – regardless of their marital or familial status – should consider disability insurance.

Try out our Disability Calculator.

1Disability Can Happen
2American Aid Foundation
3Disability Can Happen