Insurance Planning

Life Insurance is one of the most important forms of coverage you should have. The purpose of life insurance is to replace the income of the deceased by providing immediate liquidity which can be used to pay off various loan obligations, estate taxes, and other expenses. We will help you determine exactly how much you need to ensure that your family is properly protected through insurance planning.

• How much life insurance will be needed at death to meet immediate obligations?


• How much future income is needed to sustain the household?


• How much life insurance do I need overall?

When determining what life insurance policy would be best for you and your family, these questions are of utmost importance. They can be difficult to answer which is why we are here to help. Out of all of the forms of insurance, life insurance is one of the most important types of coverage you should have. Its purpose is to replace the deceased’s income by providing immediate liquidity which can be used to pay off various loan obligations, estate taxes, and other expenses.

Without life insurance and proper insurance planning, the surviving spouse could be left to pay for all of these things on their own. This can significantly impact their standard of living. In essence, life insurance is used to guarantee that your family will have enough to pay off a large portion of their financial obligations, have a source of income to meet daily living expenses, and be able to meet future expenses such as a child’s or grandchild’s education.

In addition to using life insurance as means to protect your family, you can also use it to benefit a charitable organization by making it the beneficiary on your life insurance policy. Whatever your reason may be, for getting a life insurance policy, it is important to know just how much life insurance you will need through proper insurance planning.

With Health Insurance costs on the rise, it is important to make sure that you have a policy that properly fits your needs and is able to provide you and your family, or your business, with the proper medical coverage.

Click HERE for Anthem Blue Cross Quotes & Applications. 

Anthem Blue Cross is not affiliated with Charles Schwab and Financial Advisors Network, Inc. You are not obligated to use Anthem Blue Cross for your health insurance needs.

Long-term Care (LTC) is the term used to describe a variety of services in the area of health, personal care, and social needs of persons who are chronically disabled, ill or infirm. Depending on the needs of the individual, LTC may include services such as nursing home care, assisted living, home health care or adult daycare.

Who Needs Long-Term Care?

The need for LTC is generally defined by an individual’s inability to perform the normal activities of daily living (ADL) such as: bathing, dressing, eating, toileting, continence, and transportation.

Conditions such as: spinal cord injuries, head injuries, stroke, mental illness, Alzheimer’s disease or other forms of dementia, or physical weakness and frailty, due to advancing age, can all result in the need for LTC.

With the costs of LTC continually on the rise, it is important that you or a family member are properly covered to help deal with these expenses. Average national cost data, compiled by Genworth(1), a leader in LTC, provides an estimate of the costs of LTC:

• $250 per day or $7,604 per month for a semi-private room in a nursing home


• $324 per day or $9,855 per month for a private room in a nursing home


• $3,525 per month for care in an assisted living facility (for a one-bedroom unit)


• $4,957 a month for a home health aide


• $4,671 a month for homemaker services


• $1,842 a month for services in an adult day health care center

How We Can Help

With over 100 different companies offering LTC policies, it is important to seek professional guidance through insurance planning to determine the best company and policy to fit your needs. We will sit down with you and your family and assist in answering several important questions. Our objective is to help ensure that you are properly protected if the need for long-term care arises. These questions include but are not limited to:

• What are the current costs of LTC for someone with my needs?


• What are the common elements in a LTC insurance policy?


• When do benefits start and how long will they last?


• What are the potential tax issues with a LTC policy?


• What do the various LTC policies pay for, and what do they not pay for?

(1) Genworth, Genwork.com, data from 2019.

Disability Insurance can help replace a portion of your income in the event that you become unable to work.  You can help protect your assets and allow you and your family to maintain your lifestyle by providing income. If you do not have Disability Insurance and you were to suffer an injury that caused you to be out of work, you and your family would have to survive without your income. You would only be able to rely on whatever savings you have left. Let us help you make sure that you are properly covered.

Disability Insurance can help replace a portion of your income in the event that you become unable to work. Providing income can help protect your assets and allow you and your family to maintain your current lifestyle.

Disability Insurance is something that most people do not think much about until it is too late and they realize they are not sufficiently covered. Below is a chart that shows what your chances are of suffering a long-term disability (one lasting more than 90 days prior to age 65). It also shows the average length of the disability in the instance you suffer from a disability.

Source: Commissioners Individual Disability Tables, CSO/Society of Actuaries, the National Safety Council, and/or The Million Dollar Round Table.

If you do become disabled and your disability has already lasted one year, the probability that the disability will continue for a longer period of time is as follows:

Source: Commissioners Individual Disability Tables, CSO

Becoming disabled has the potential to have a greater impact on your family’s finances than if you were to pass away. If you passed away your spouse and any dependents would possibly be the only ones that would need to be taken care of financially. However, if you become disabled and can not work, the financial consequences would be as if you had passed away.  Your income is now subtracted from your family’s total income.

The money now has to cover you and your medical needs as well. Typical disability insurance policies will provide the insured with a monthly benefit of 50%, 60% or 70% of their month wages. The amount of coverage you need is dependent on your current living and financial statuses, as is what you can qualify for. Let us help you determine your appropriate amount of coverage, and find a policy that works best for you.