Life insurance is used as a protection against the loss of income that would result if the insured passed away. The goal of life insurance is to provide a measure of financial security for your family after you die. So, before purchasing a life insurance policy, you should consider your financial situation and the standard of living you want to maintain for your dependents or survivors. For example, who will be responsible for your funeral costs and final medical bills? Would your family have to relocate? Will there be adequate funds for future or ongoing expenses such as daycare, mortgage payments and college?
It is prudent to re-evaluate your life insurance policies annually or when you experience a major life event like marriage, divorce, the birth or adoption of a child, or purchase of a major item such as a house or business. Life insurance can be a critical tool in ensuring the standard of living for your family and helps guard against the damaging financial circumstances that can be caused by the estate tax or an untimely death.
Long Term Care Insurance
Long Term Care Insurance (LTC) is coverage that provides nursing-home care, home-health care, personal or adult day care for individuals with a chronic or disabling condition that needs constant supervision. We are experienced in helping clients find the appropriate Long Term Care plan that works for them, their budget, and fits in with their overall financial plan.