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Careful wealth management is best accompanied by thoughtful insurance planning. Insurance planning can be a delicate topic, since it is hard to think about what will happen to your loved ones after you pass. However, life insurance plans help to remove the uncertainty and worry, bringing you and your family peace of mind.
Insurance can serve many purposes. Yes, life insurance provides financial security for families and loved ones in the event that unforeseen circumstances lead to the loss of income. However, there are other types of insurance; disability income insurance, for example, can provide for you or a loved one living with a disability.
Long term care insurance is essential for providing for individuals with long term care needs; medical and living expenses can increase sharply when dealing with disabilities, and insurance can help provide financial stability and resources for many years to come.
These are just some of the things we can help you set up while working on your life insurance plans. You may think that life insurance can be obtained “a la carte,” but there is no substitute for an experienced financial planner in this process. Make certain that you are choosing the best options for yourself and your family by working with a professional.
Life insurance should never be used as a standalone financial plan for the future! It functions as an aspect of your greater life plan as a whole. With life insurance, you can take estate and financial planning a step beyond dividing and protecting your assets; you can provide your family with an extra buffer of financial security.
Especially in the instance that an accident or emergency removes a family’s main wage-earner from work, life insurance is incredibly valuable. You can have a thoughtful, extensive, and well-constructed estate plan, but if you pass away earlier than expected, life insurance payments will help your family maintain financial stability during a hard time.
It can also serve as an important part of retirement. If you and a spouse or family are all at least somewhat dependent on your retirement payments, life insurance will provide extra income to replace your ceased payments in the event of your death.
Your financial advisor can also help you figure out ways to keep from falling into extensively taxed areas with your financial plan. An entire area of law stems from the US tax code, and no layperson should try to structure their own strategy for tax reduction.
Without careful planning, your income, investments, accounts, and other assets may be subject to taxes that could have been much lower with a careful financial plan. Certain types of investments are considered “tax-favored,” and you want to take advantage of them to the fullest extent possible.
This kind of insurance provides financial support for individuals with medical conditions or disabilities that require increased medical or living costs over a long period of time. Many people at some point in their lives will require long term care assistance, and it may only get more expensive and necessary as time goes on.
Long term care insurance will enable you to live comfortably and pay for the medical assistance and home modification costs that you need to support your condition. It is not necessarily meant as a standalone income source; rather, it supports investments, familial aid, additional income, Medicaid or disability benefits, and other financial supports.
This is why long term care insurance requires careful planning. You will have a multitude of plans and options to sort through, and we can help discuss them with you and make the best choice together. Don’t leave future financial security up to chance – let’s start working on your insurance plan now.
PRIZM FINANCIAL ADVISORS
1745 South Naperville Road, Suite 200
Wheaton, IL 60189
Phone: 630-665-4848
Copyright © 2020 Prizm Financial Advisors. All Rights Reserved.
Please be advised that presently, Mark Perkins holds Series 7, 63 & 65 in IL and Andrew Andersen holds 66 licenses in IL. For residents of other states in which registration is not held, proper licenses and registrations must be obtained from Mark Perkins or Andrew Andersen before proceeding further. No part of this communication should be construed as an offer to sell any security or provide investment advice or recommendation.
Securities offered through Center Street Securities, Inc. (CSS), a registered broker-dealer, Member FINRA/SIPC. 2740 Old Elm Pike, Nashville, TN 37214, (888) 690-3580. Investment Advisory Services offered through Brookstone Capital Management (BCM), a Registered Investment Advisor. PRIZM Financial Advisors, Inc., BCM, and CSS are independent entities. Insurance products and services are not offered through BCM but are offered and sold through individually licensed and appointed agents. Any comments regarding safe and secure investments, and guaranteed income streams refer only to fixed insurance products. They do not refer, in any way to securities or investment advisory products. Fixed Insurance and Annuity product guarantees are subject to the claims‐paying ability of the issuing company and are not offered by BCM.
The content of this website is provided for informational purposes only and is not a solicitation or recommendation of any investment strategy. Investments and/or investment strategies involve risk including the possible loss of principal. There is no assurance that any investment strategy will achieve its objectives.