Protecting My Family
How can we help?
Pays my beneficiaries when I die.
Pays me if I can't work due to illness or injury.
Pays for my care if I can't take care of myself.
Pays you for the value of a life policy you no longer need.
LIFE Insurance
The Top Questions People Ask Us
If no one depends on you, maybe not. If you have kids, a spouse, a business, a mortgage or other debt, or want to leave an inheritance for someone or a cause you care about, you probably do.
A rule of thumb for the amount you need: your annual, before-tax income times 8 to 10 (or times the number of years left until you retire, if less than that).
That will give you a good idea, but many factors can push these numbers up or down: your age, ages of family members, insurance you may get from your employer – and of course, how much you want things to continue without you. We can help you figure out the right amount.
People are living longer, and technology is driving expenses down and competition up. This means insurance prices have generally gone down. Chances are your current plan could use a checkup. We can run the numbers for you.
DISABILITY Insurance
The Top Questions People Ask Us
If you or your family would not miss your paycheck and could afford to care for you while you recovered, then perhaps not.
If you have rent, mortgage, food, utilities, childcare, and other bills that wouldn’t be covered if your pay stopped, then you probably do.
You need enough to cover those bills, minus the amount of any disability insurance your employer provides and any other income or savings you’re willing to use up. We usually recommended getting coverage that equals 60-65% of your before-tax income.
Once they determine that you are disabled, the insurance company pays you directly each month. You can use the money as you wish.
This depends on your policy! Some pay if you are unable to work in your specific occupation. Some pay only if you are unable to work any job. Either way, you typically need to be disabled for 30-90 days before collecting benefits. We can review your work benefits and make sure your coverage matches your needs.
Social Security has a much stricter definition of disability than most insurance policies. Your condition must be severe, terminal, or expected to last at least a year, and you must be unable to perform any work at all. Social Security is an important societal safety net, but it doesn’t provide enough protection for many Americans.
Any disability insurance benefits from policies for which you pay the premium are tax-free to you. Any disability insurance benefits from policies for which your employer paid the premium (and didn’t add the premium to your W2 or K-1 income) are taxable to you.
LONG-TERM CARE INSURANCE
The Top Questions People Ask Us
Few things can drain retirement savings more quickly than the cost of long-term care. Whether it’s full-time residential nursing care or just help with daily tasks, cost of care is high and rising. Click here for a calculator that shows what you can expect to pay for care in your city. LTC insurance can help make sure adult children aren’t saddled with these expenses, and a healthy spouse doesn’t find themselves in financial straits.
Coverage may include adult day care, in-home care (help with bathing, dressing, etc., also known as activities of daily living), physical therapy, and nursing home care in case of an illness, injury, or disability.
Medicare does not cover custodial care (help with activities of daily living) if that is all you need.
Medicare covers the first 20 days of skilled nursing care and part of the next 80 days (you will
pay coinsurance of $176 per day for days 21-100). You will need to have been hospitalized in-patient for three days and need the skilled nursing care in relation to that hospital stay. You are responsible for all costs after 100 days.
In most states, Medicaid may cover some costs of care for those with a very low net worth.
Unneeded Policies
The Top Questions People Ask Us
Universal Life, Guaranteed Universal Life, Survivorship Universal Life, Variable Universal Life, Convertible Term, and sometimes Whole Life.
Not necessarily. If your term policy is nearing the end of the term period, you may be thinking you should just let it expire. However, you may be able to sell it and use the proceeds for other needs, letting the buyer collect the death benefit.
Life Settlements*
Our Life Settlement Advocacy Program™ minimizes the risks associated with conducting a life settlement by treating a life settlement as a security transaction. Accordingly, our strategic back-office partner, Valmark Financial Group, has developed a unique compliance-oriented marketing system called The Life Settlement Advocacy Program™ to guide us through a life settlement transaction and ultimately provide the highest level of value for a client’s life insurance policy.
* Valmark Securities supervises all life settlements like a security transaction and its’ registered representatives act as brokers on the transaction and may receive a fee from the purchaser. Once a policy is transferred, the policy owner has no control over subsequent transfers and may be required to disclosure additional information later. If a continued need for coverage exists, the policy owner should consider the availability, adequacy and cost of the comparable coverage. A life settlement transaction may require an extended period to complete and result in higher costs and fees due to their complexity. Policy owners considering the need for cash should consider other less costly alternatives. A life settlement may affect the insured’s ability to obtain insurance in the future and the seller’s eligibility for certain public assistance programs. When an individual decides to sell their policy, they must provide complete access to their medical history, and other personal information.