The Role of Insurance in Your Financial Plan
The cost of accidents, illness, disability, and death can have a serious impact on your financial plan. In order to manage this risk it is important to utilize insurance where it is needed. Different kinds of insurance protect you and your loved ones against different kinds of events.
Most people require some amount of all of these categories of insurance.
Life insurance is payable when you die. Your situation determines the amount you need. The proceeds go to support your surviving dependent, repay debts, and can help fund tuition costs.
Whole life or universal insurance is offered as death benefit protection with a cash value component. Term insurance costs less and coverage is only for a predetermined period of time.
Sarasota Capital Strategies can help you assess your needs to determine the kinds and amounts of life insurance that are right for you and your family.
A long-term disability policy is activated, replacing a portion of your lost income, when you are unable to work for an extended period.
If your company provides disability insurance, check to see whether it’s enough for your needs. Group disability insurance policies may be capped at six months and provide benefits that won’t cover your expenses.
Most people enjoy medical insurance as an employee benefit, often with their employers paying all or part of the premiums. Privately purchased health insurance is much more expensive depending on such things as deductibles, coverage choices, and location.
Long-Term Care Insurance
Insurance to cover the high cost of nursing home or at-home health care is an increasing concern. Medicare pays little of the cost of long-term care in the United States. Medicaid will pay for the care, but only for patients who meet strict income eligibility requirements.
Sarasota Capital Strategies will get to know your needs as well as the role of the various kinds of insurance within an individual financial picture. We locate policies that are most appropriate for you along with providing you with costs and complete details.