Insurance and Risk Management
Types of life insurance
Life insurance comes in two basic options: Term and Permanent. Both are great choices for protecting you and your family, but each one has different features:
Term life insurance Lower-cost insurance that provides coverage for a set time period, and provides a tax-free payout to the beneficiary. The cost of the insurance goes up each time you renew, but you can convert the policy to permanent life insurance at any time.
Permanent life insurance Variable cost insurance with payment options that differ depending on your preferences. Coverage is guaranteed for life 1, and you can also access the cash value of your life insurance policy by taking out a loan or withdrawing cash.
Things to keep in mind.
There’s always a financial impact whenever someone passes away, and the payable benefits from a life insurance policy can help your loved ones cover unexpected expenses such as:
Travel expenses to bring the family together
Replacing lost income and health benefits
Childcare and education costs
Estate and legal fees
Final income taxes
Outstanding debts and bill payments
Living Benefits Insurance
Living benefits products not only protect your wealth, they give you the financial freedom to maintain your lifestyle or obtain the care you need in the event of an injury or illness.
Personal disability insurance helps protect one of your greatest assets –your ability to earn an income. If sickness or injury keeps you at home for a sustained period of time and you are unable to work, this insurance can replace up to 66% of your income. Disability insurance is an ideal way to help ensure that you and your family can continue to maintain the lifestyle you desire without eroding your portfolio or other assets.
Upon diagnosis of a serious illness such as cancer, stroke or a heart attack, critical illness insurance provides a lump sum benefit that may be used in any way you wish. For example, you might use the funds to seek advanced private care to aid in your recovery. If you own a business, you could also use the benefit to keep your business running smoothly until your return.
Considering the high cost of private care, this type of living benefit is an excellent way to protect your retirement savings and other assets. Long-term care insurance provides the necessary funds to pay for additional health care should you need assistance caring for yourself for an extended period. Funds are paid as a daily benefit to cover the cost of either home visits from a qualified individual or a room at either a public or private care facility.
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