It’s Not Just About Term Insurance!
Risk Management is important to your overall plan’s integrity. If an urgent life situation occurs, you do not want to jeopardize the rest of your life by tapping into assets that were meant for other purposes. Risk Management is the proactive decision making to either avoid, reduce, transfer or accept risk. You can protect yourself through various insurance vehicles such as life, health, and identity theft.
Our objective is to make sure you are protected, not to sell you products! As a fiduciary, we do not earn commissions on any such financial products.
Our Risk Management Planning Services
Our services include an analysis of your exposure to major risks that could have a significant adverse impact on your financial picture, such as premature death, disability or the need for long-term care. Advice is provided on ways to minimize such risks and about weighing the costs and benefits of different types of insurance products. We can also give you scenarios and the potential costs of not purchasing insurance, in other words, “self-insuring.”
We’ll look at your specific situation and areas of exposure. Some very common items we help educate and advise on include:
- Term Life vs Whole Life insurance
- Long Term Care insurance for your specific situation
- Help you analyze your medical benefits through your work
- How and when to start claiming Medicare
- Determine if identity theft should be a concern for you
We may consult with your insurance agent, other insurance agents or brokers and/or
other insurance experts to assist you in making prudent risk management decisions and to help you select any appropriate insurance policies if needed.
Is Long-Term Care Insurance Necessary?
LTC insurance is not always necessary, but it does provide some significant advantages in certain health situations. Statistics show that the average 65-year old today has a 70% chance of needing some form of LTC in their lives.
With the soaring cost of nursing home care now averaging well over $90,000 per year in Michigan, Long-Term Care (LTC) is a critical component of retirement planning and your risk management plan. We’ll help you determine if you can self-fund or if LTC insurance is a viable option.
LTC coverage can provide the following benefits:
- Keeps your retirement resources intact while you’re in a nursing home
- May be integrated with a whole life policy, if structured properly
- Peace of mind for you and your spouse
Most Americans do not have an adequate Risk Management plan, but everyone does need to understand their risks and how to manage those risks. That does not mean that just any policy is right for you. We can help you determine your needs and educate you on the options available. Do some research and then give us a call to discuss further.
- Michigan LTC Costs – Examine the latest Long-Term Healthcare costs in Michigan brochure from Genworth
To schedule your no obligation consultation Contact Us Today