Keep Your Umbrella Handy
In 2021, the U.S. had a record 24.5 million millionaires, up from 20.2 million in the previous year. An increase in personal wealth may bring greater financial flexibility; it may also bring greater liability. Individuals with high net worth, or those who are perceived to have high net worth, may be more likely to be […]
What to Look for in an Extended-Care Policy
Extended-care coverage can be complex. Here’s a list of questions to ask that may help you better understand the costs and benefits of these policies. What types of facilities are covered? Extended-care policies can cover nursing home care, home health care, respite care, hospice care, personal care in your home, assisted living facilities, adult daycare […]
Universal Life Insurance
Universal life insurance is permanent life insurance — that is, it remains in force for your whole life. But universal life insurance has an important difference from other types of permanent insurance: it provides a flexible premium. That means the policyholder decides how much to put in above a set minimum. By extension, the policyholder […]
Is Term Life Insurance for You?
Term insurance is the simplest form of life insurance. It provides temporary life insurance protection on a limited budget. Here’s how it works: When a policyholder buys term insurance, they buy coverage for a specific period of time and pay a specific price for that coverage. If the policyholder dies during that time, their beneficiaries […]
A Look at Whole Life Insurance
In exchange for fixed premiums, an insurance company promises to pay a set benefit when the policyholder dies, but also offers additional benefits as well. Whole life insurance policies can build up cash value — effectively a cash reserve that pays a modest rate of return, and the growth is tax-deferred. Guarantees are based on […]
Understanding Homeowners Insurance
Purchasing homeowners insurance is not only critical for protecting your home, your personal property and against any potential liability, but if you have a mortgage, your lender will require it. What’s Covered A homeowners insurance policy is a package of coverages, including: Dwelling: Covers damages to your house and any attached structures, including fixtures such […]
Can Group, Private Disability Policies Work Together?
According to the Social Security Administration, a 20-year-old has more than a 25% chance of becoming disabled before reaching retirement age.1 Loss of income for such a duration has the potential to cause significant financial hardship. And while Social Security Disability Insurance may help, it’s critical to understand that about two-thirds of initial applications are […]
Insuring Your Business With a Buy/Sell Agreement
Life insurance is designed to help protect a household from the financial hardships that may follow the untimely death of a primary wage earner. But how will a death affect a small business? One way of safeguarding a business is to create a buy-sell agreement. A buy-sell agreement is a contract between different entities within […]
When to Self-Insure
One reality of life is that risk is ever present. It exists in our commute to work, in our investment choices, and in our lifestyle decisions. Some risks can be transferred to an insurance company (e.g. auto or homeowners), while others we assume ourselves. When you choose to bear the financial burden of an adverse […]
Disability and Your Finances
The Social Security Disability Insurance program paid out over $140 billion in benefits in 2021. And with new applicants each year, the system is expected to exhaust its reserves at the end of 2034 if changes aren’t made.1,2 Rather than depending on a government program to protect their income in the event of a disability, […]