Managing Risk and Protecting against unforeseen circumstances is critical to building a secure financial future. The best laid-out plan could crumble without proper risk mitigation measures.
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Insurance should be a critical component of any sound Financial Plan. Overall risk management needs can vary according to individual conditions. Therefore, our responsibility is to work with clients to understand what their needs are and then design a suitable package to meet unforeseen circumstances. ------------------------------------------------------------------------------------------------------------ PRODUCTS:
LIFE NSURANCE This is typcally meant to potect your loved ones or business from the potential loss of income due to an untimely death.
Whole Life Insurance would provide guaranteed coverage until age 98 and some times even more. It guarantees that your premium would not increase while it pays you a dividend and and accumulates cash value at fixed interest. This cash value can often be borrowed or withdrawn subject to certain conditions.
Universal Life (UL) Insurance -- Is cheaper than Whole Life for the most part and therefore might not necessarily guarantee coverage until age 98, but it accumulates cash value at a fixed rate, but pays no dividend.
Variable Life (VL) Insurance -- Is pretty much a hyrid kind of coverage which provides permanent insurance, pays no dividend, but invests part of your premium in a seperate account of your choice, most often in a mutual fund with variable return. The accumulated cash value is determined by the performance of your seperate account portfolio. This kind of coverage has risen in popularity over the last 10 years due to the urge of some consumers to "kill two birds with one stone" - that is purchase permanent coverage and still participate in the stock market.
Term Life Insurance -- Is a plain vanilla and the cheapest form of life insurance. It is usually purchased for a specific period of time - 1, 5, 10, 15, 20 or even 30 years. The purpose is to protect against a specific risk, say your mortgage. It has no cash accumulation and when the term is over the coverage lapses. Recent innovations by some leading carriers is resulting to new variations of term coverage. One of such term coverage is the one you could receive some money back after the term is up. ------------------------------------------------------------------------------------------------------------- HEALTH INSURANCE This type of insurance as the name implies is designed to cover various medical expenses that might arise. Recent trend has seen a fast growth in the cost of health care and drugs in the US. This undoubtedly creates the need to maintain a health insurance coverage in this day and age. Unfortunately there is still a lot of uninsured people and the cost for self-employed people can be prohibitive. Be that as it may, a word of caution -" a stich in time saves nine". To learn more about government sponsored health insurance programs click on Medicare. ------------------------------------------------------------------------------------------------------------- DISABILITY INSURANCE This is the most widely ignored and one of the only insurance programs where the insured pays himself or herself. Consider this; studies show that an average middle aged person has more chances of getting injured than dying, furthermore, there are home foreclosures due to disability than for any other reason. This makes it imperative that an average working person below the age of 65 should consider buying this sort of coverage. Term coverage usually don't come cheap and there could be strict underwriting guidelines than even life insurance coverage, but it could be worth every dime spent. ------------------------------------------------------------------------------------------------------------- LONG TERM CARE INSURANCE This is another very essential sort of insurance that has been growing in importance over the last decade but still ignored. The need for long-term care is necessitated by the rising cost of health care and cost of caring for senior citizens especially if any serious illness occures. There are certain guidelines associated with long term care insurance. Leading insurance carriers have designed a whole range of options that are available in the market today. The best opportunity for understanding and choosing suitable coverage is by studying those different options and speaking with an insurance specialists to avoid any future regrets. ------------------------------------------------------------------------------------------------------------- PROPERTY AND CASUALTY INSURANCE This describes the kind of insurance coverage that is designed to protect your "stuffs" - Car, Home, Personal Belongings, Business Assets etc. These coverages cost money but some are an absolute necessity. Imagine driving and having an accident without adequate or no auto insurance. Again the philosophy here is that, you would be able to sleep easy if you have adequate insurance protection, even though that might cost you some serious money - its like an umbrella, "never leave home on a rainy day without it" ------------------------------------------------------------------------------------------------------------ PROCESS:
MyMarketPlace-Online Section offers FREEDOM to shop with insurers or compare rates from different carriers and select a suitable coverage for yourself. Recommending any specific type or amount of insurance coverage, begins with analyzing your current financial condition to better understand your requirements.
Consumers can usually find a lot of useful and independent information or opinion on insurance from the National Association of Insurance Commissioners (NAIC) as well as State Insurance Departments. ------------------------------------------------------------------------------------------------------------ Financial Tips/News is updated frequently and brought to you courtesy of Bankrate.com.
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