Life & Long-Term Care Insurance
Ensuring Your Dreams
Insurance should be an essential part of any long-term financial plan.Consider life insurance as an example: Life insurance is primarily intended to cushion the financial effects of the insured party’s death. Benefits can be used to help eliminate debts, fund a college education or provide retirement income for a widowed spouse. In addition to a death benefit, certain policies permit the cash value of the policy to accumulate while deferring taxes. In fact, certain policies such as Whole Life, Universal Life and Variable Universal Life insurance could provide you with a lucrative cash-out upon retirement.
Certified Financial Planner Cameron Bell and the staff of the Wealth Management Institute can help you choose the right life, disability, and long-term care insurance products that are right for you, your family, and your overall investment strategy.
Variable Universal Life Insurance
Term Life Insurance: Term insurance is a life insurance policy that pays death benefits if the policyholder dies during a set period of time. If the policyholder survives the term of the contract, then the policy terminates and no death benefit is paid. Normally, the cheapest insurance for a limited period, but the most expensive over a normal life expectancy
Cash Value Insurance: This type of policy offers a death benefit (term protection) and it provides a savings feature. Cash value insurance is much more expensive than term (particularly at younger ages), but typically provides insurance throughout lifetime at a level premium
Whole Life Insurance: Whole life insurance offers death protection with cash values. Traditional Whole Life provides lifetime insurance protection with guaranteed cash values, fixed premiums and death benefits as long as the policy is in force and premiums are paid according to schedule. The insurance company invests the money. Any growth in account value is tax deferred. Normally, the most conservative of the cash value insurance options
Universal Life Insurance: Universal life is a cash value life insurance policy that combines some of the features of traditional whole life (tax deferred cash buildup and death benefit) with premium and face amount flexibility by using annual renewable term insurance rates. The insurance company invests the money. Any growth in account value is tax deferred
Long Term Care Insurance: An insurance policy designed to help pay for custodial care when you can not take care of yourself. Technically, it pays, depending on the policy, when you can not perform two out of five or six “Activities of Daily Living” (ADLs). These activities include bathing, eating, dressing, toileting, continence, and transferring
Survivorship (Life Insurance): This is a life insurance policy that covers the lives of two people, usually a husband and wife. However, this type of policy can also cover a financial loss suffered when the second of two people die. A death benefit is paid after the death of the second insured
Disability Insurance: Designed to pay an income to you if you can not work due to illness, injury or disability