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loss of a loved one

Loss of a Loved One


Losing a loved one can be devastating. Even as you are grieving, there are many issues that must be dealt with. The process of settling an estate can raise challenging questions about the impact this loss might have on you and your family. As trying as it is, there are steps you can take to reassure and protect your family through this difficult time, and any others the future might bring.

Long-Term Care Insurance


Long-term care insurance can help make sure that you are taken care of in the event that you become unable to take care of yourself.

Is a long-term care insurance right for me? Here are the facts:

  • If you become inflicted with a chronic illness or cognitive impairment, a long-term care policy can help ensure that you maintain the best possible quality of life, while protecting your wealth from being depleted by the cost of care.
  • Long-term care insurance provides you with the means to pay for the assistance you need if you become unable to perform daily activities like eating, bathing, or dressing.
  • In the event that you require long-term care, the right plan can make sure you have access to a wide range of options, including in-home assistance, treatment in an assisted living facility, or access to a nursing home.

Trusts


A trust is an arrangement that organizes the distribution of wealth and benefits at the time of a person's death.

Is a trust right for you? Here are the facts:

  • A trust can be used to distribute wealth to family, friends, or charitable organizations. A well-organized trust can provide you with confidence that your assets will go to the people or causes that matter to you.
  • Under certain circumstances, a trust can be used to distribute the benefits of life insurance, annuities, or disability policies.
  • One of the most important decisions you will make in structuring your trust is choosing a trustee. This person will be responsible for ensuring that your wealth and benefits are allocated according to your wishes.

Life Insurance


Life insurance is most commonly known as a way to ensure that loved ones are taken care of in the event of a person's death. Many people don't know that life insurance can also offer a source of income later in life.

What should you know about life insurance? Here are the facts:

  • There are two basic types of life insurance: term life insurance and permanent life insurance.
  • Term insurance works somewhat like car insurance: You pay premiums that provide coverage for a certain period of time. If your death occurs while you are covered, the beneficiary of your policy will receive a predetermined death benefit. The premiums in a term insurance policy are often cheaper than those in a permanent policy, but usually become more expensive over time.
  • Permanent insurance may be more expensive than term insurance, but it can offer significant benefits, including guaranteed premiums, flexible payment options, and investment opportunity. There are four major types of permanent life insurance:
    • Whole life insurance offers the most guarantees of any kind of life insurance. The premiums will never increase. The death benefit will never go down (unless there have been any loans or withdrawals taken). In addition, whole life insurance policies have a guaranteed cash value, which can be borrowed against. This living benefit can be used as an emergency fund or to supplement retirement income.
    • Universal life insurance provides a guaranteed death benefit while also offering flexibility with premiums. The policy holder can vary the amount paid each month, as long there is enough money in the account to pay for certain minimum insurance and maintenance charges. Depending on how much money accumulates in the account, the policy may also accumulate tax-deferred cash value.
    • Variable life insurance allows a high degree of flexibility with premiums, including the option to direct a portion of premium payments to a separate account, which can serve an investment vehicle. This can allow for the possibility of greater growth in cash value, but it can also entail a greater risk.
    • Survivorship life insurance covers two people on the same policy. These policies are often cheaper than insuring an individual, but death benefits are not paid until both covered individuals have died.

Disability Income Insurance


Disability income insurance provides protection against the loss of income due to serious injury or illness.

Is disability income insurance right for me? Here are the facts:

  • Disability income insurance will allow you to retain a percentage of your earned income, even in the event that you are unable to work due to serious injury or illness.
  • In most cases, you will not have to pay taxes on the benefits you are paid, when paid by the individual with after tax dollars.
  • Disability insurance is crucial for anyone who is an income provider for their family. This also includes single people, who do not have the benefit of a spouse to fall back on if they become unable to work due to serious injury or illness.

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