If there’s one thing certain about life – it’s the uncertainty that living it brings. The best laid plans can sometimes come to naught! Even though you may think you’ve covered all the bases, life sometimes has a funny way of throwing you a curveball when you least expect it. Luckily, while you can strive your best to plan wisely and thoroughly, you can also hedge your bets against the unintended through prudent Insurance Planning.

Why Insurance Planning is Important

Without proper planning, be it Investment Planning, Retirement Planning, or Estate Planning, you’ll likely not invest successfully, retire comfortably, or leave a meaningful legacy for your beneficiaries. And without a well-thought-out Insurance Plan, every one of those facets of a financial plan could be exposed to unforeseen risks.

Good planning helps you identify and plan for all the risks involved in every aspect of your financial life. Thoughtful Insurance Planning helps mitigate the risks you can’t foresee or those that you are unable to plan around!

What We Can Do for You

They say that some things are better to have BEFORE the need is felt – even if they are NEVER ever used. Insurance is one of those things. Rather than seeing insurance as an “expense”, most people experience it as peace of mind. That’s the essence of our Insurance Planning service.

Our Insurance Planning service covers:

  • Comprehensive review: As part of our full financial planning philosophy, we review existing plans, if you have them, to ensure they continue to fit your needs. But if you don’t have an insurance plan, we’re here to advise and guide you on which plans make best sense for you and your family. You can self-fund, but you cannot self-insure.

  • Death-event security: If you have people that depend upon you being around for many years to come, like your spouse/partner, minor children, aged parents, we’ll advise on what life insurance policies best meet your needs.

  • Critical illness protection: You may be in the best of health now, but illness has a way of sneaking up on the fittest amongst us. Let us help you determine if you need to insure against a critical illness and, if so, under what terms.

  • Disability: Accidents, at home, at work, during your commute, can leave you severely disabled and financially stressed. As can debilitating illness! We’ll help you insure against such unexpected turn of events.

  • Long-term care protection: According to AARP1, 52% of people turning age 65 will need some type of long-term care service in their lifetimes with women having an 11% higher chance, 58% vs 47% for men. For most people, they want to stay in their home as long as they can. This care might only be someone coming to the house a few hours a week to help or even just to stand-by if something happens or to prevent something like a fall from happening. Other can include moving to a different residence, making changes to your existing residence. We can help calculate the cost associated with these and making sure your portfolio can accommodate the increased need for cash flow, not just assets. We can also help you explore options that might provide tax-free income for expenses you are already planning on paying. We can review options to help protect your loved ones including spouse and parents.

  • Children’s life insurance: Even though your children are of tender age, sometimes insuring their lives may make good sense in the long-term. If you have recently had a child, you probably have received mailings on life insurance for your newborn. We can help you understand the benefits and disadvantages of these policies. The main reasons for purchasing insurance on a newborn or children is protecting insurability, providing income if one or both parents would take time off in the event of the death of a child, helping fund college tuition, and financial gifting.

  • Insuring estate and succession plans: When structured correctly, insurance can be a great estate planning tool as well, especially when it comes to shielding your beneficiaries from paying taxes or fees on their inheritance. Partners in business may also use insurance policies as a great financial tool to aid in succession planning. We’ll help you structure an insurance plan that makes sense for your needs.

*The cost and availability of life insurance depend on factors such as age, health, and the type and amount of insurance purchased. Before implementing a strategy involving life insurance, it would be prudent to make sure that you are insurable by having the policy approved. As with most financial decisions, there are expenses associated with the purchase of life insurance. Policies commonly have mortality and expense charges. In addition, if a policy is surrendered prematurely, there may be surrender charges and income tax implications.