Where to Start

Permanent Life Insurance or convertible Term Insurance for individuals and couples is fundamental in planning and can be much less expensive the younger you are. 

Individuals & Couples should consider having basic life insurance up to 10 times their income.  This insurance "base" benefit can be term life or permanent coverage but if term, conversion options are a very important consideration. 

Parents should consider having at least $250,000 of 20, 25 or 30 year term life insurance for each child, to finance the child’s college education if the parent dies.

A separate term policy should be purchased for each major debt incurred (college, mortgage, business, etc.) that would pay off the debt if the insured dies.  Policy premiums can be for one year, 10, 15, 20 or more years to match the purpose of the coverage. 

Disability Insurance, for each spouse to replace income lost due to an accident or illness.

Cancer, Heart attack, Stroke or a Critical Illness policy, payable on diagnosis of these medical conditions, to provide funding for uninsured expenses.

International Medical Insurance should be purchased to cover unexpected medical emergencies when traveling abroad for business or pleasure.  Coverage for other trip emergencies are also available such as trip cancellation insurance. 

Establish a self-funded retirement plan with periodic purchase of Fixed Index Roth IRA Annuities. 

Long Term Care insurance policy with lifetime benefits and guaranteed premiums.  These policies will provide you with funding to pay for your care at home, an assisted living facility, or a nursing home.  With the 2019 median cost of care at about $100,000 annually, and with the average length of care at about 3 years, it could be financially devastating to an uninsured person in need of extended health care.   

At the very least a Home Health Care Policy should be considered. 

Medicare Supplement 

• Three months before an individual turns age 65 and leaves their company-sponsored group health insurance, he/she should apply for their Medicare card.  When the card is received, the individual should contact us to apply for the Medicare Supplement (Medigap) policy. 

• A Medicare Supplement (Medigap) policy will cover most of the Medicare deductibles and the 20% of the approved Medicare charges that Medicare does not pay.  With a Medigap policy, you have “freedom of choice” to select any provider in the country that accepts Medicare.  There are not networks to contend with, and you don’t need a referral to go to a specialist. 

• You will also need a Medicare Prescription Drug plan.

Leave a Legacy of planning

• If the grandchild is healthy, purchase a cash-value Permanent Life Insurance policy. The amount that can be purchased is dependent on the insurance company’s limitations.
• If the grandchild is not healthy, there are policies that are offered on a guaranteed issue basis for a lifetime.

The purposes of a child life insurance policy are

• You are guaranteeing the child’s future insurability.
• The premiums are much lower for a one-year old than a twenty-year old.
• The policy is a gift that lasts a lifetime.