Protection

Risk Management or protection is a way of looking at the unexpected challenges inherent to life and putting strategies in place to proactively solve them instead of reactively panic if or when they happen. By definition, risk management is the process of understanding, analyzing, and addressing potential risks to ensure objectives are achieved. So what risks do you need to protect against?

Disability Income Protection
Your earning power is your most valuable asset. It is prudent to protect your income stream in the same way you protect your life and health.
An adequate amount of personally-owned disability income insurance, coordinated with other sources of income, can guarantee an income stream in the event of severe illness or injury.
When the unexpected becomes a reality, personally-owned disability income insurance benefits can be used to:
- Preserve your independence.
- Maintain your lifestyle.
- Give you time to recover and, if necessary, retrain.
- Protect your assets from liquidation.
- Maintain your savings for other uses.

Life Insurance
You are irreplaceable, but protecting your family against the loss of your income is the main reason to purchase a life insurance policy. Life insurance can also have a “living benefit,” which can be used as a vehicle to help fund asset protection, children’s education, retirement, supplement long-term care, estate tax planning, and strengthen your overall financial foundation.
Which type of insurance you choose depends on your specific needs, the purpose for buying insurance, planning goals, and what you can afford. Additionally, the cost and availability of life insurance depend on factors such as age, health, and the type and amount of insurance purchased. While all life insurance is specifically designed to aid your beneficiaries with financial burdens, many kinds of life insurance offer different “living and death” benefits.
Life Insurance for Business Owners
Business owners commonly use life insurance to fund buy/sell agreements, provide executive benefits, and protect themselves against the loss of a key person.
Several “rules of thumb” are sometimes used to help determine the necessary life insurance coverage. Unfortunately, those types of estimates are too often inaccurate and fail to accommodate any unique situations or expectations. Selecting the proper type and amount of insurance coverage is often a combination of art and science, and an experienced advisor can help you determine the most suitable combination for you and your family.

Long Term Insurance
It is essential to consider the financial risks of certain unforeseen events such as disability or prolonged illness that could require some level of care. This type of care is generally not covered by Medicare and can be incredibly expensive. As nursing home become more expensive, a family that needs nursing, even if only for a few years, runs the risk of depleting hundreds of thousands of dollars. This direct cost is then compounded by the lost investment earnings that those assets could have earned had they stayed invested. The overall wealth effect on a family from a nursing home stay can be significant. When analyzing your insurance coverage, items to consider include benefit type, the benefit period and amount, and benefit-sharing.

Special Needs Protection
It’s been said that the best inheritance we can give our children is a few minutes of our time every day. It’s also true, though, that our children will not always have us in their lives. Children with special needs may require lifetime assistance, which can necessitate that parents prepare for their child’s care after they are gone or cannot care for him or her any longer.
READ: Tips for Finding Care for Your Disabled Child
READ: 4 Steps to Protecting a Child with Disabilities
Additional Resources

Caring for Aging Parents
Please call us at (800) 925-2050 or Schedule an Appointment with us today to discuss your situation.
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