Protecting Yourself with Insurance
Insurance is a very broad topic that includes: Life Insurance, Long Term Care Insurance, Medicare Coverage, and Medicare supplementals. All of these topics tend to raise several questions such as:
- Is life insurance necessary to your goals?
- Should you continue paying the premium on an old insurance policy if your kids are now adult and you’ve minimized or eliminated debt?
- Is long term care insurance a consideration?
- Does it make more sense to pay high premiums for long term care or to self-fund a stay in a long term care facility if need be?
- When is it necessary to sign up for Medicare?
- What specifically does Medicare cover? Exclude?
- What is the “doughnut hole”?
- What kind of supplemental Medicare coverage makes sense?
These are all great questions that we will work through with you.
Let’s start with Life Insurance… We come across many life insurance policies that were issued 20+ years ago. Since then, costs of life insurance and interest rates have fallen significantly. We will take the time to review your life insurance for you to ensure that you are paying the appropriate amount in premiums for the benefits that your policy offers. Quite often, we are either able to find more cost effective options that are available to you with more fruitful benefits or we find that you may not need the coverage anymore at all.
Now let’s tackle Long Term Care coverage. Long Term Care has always been known for how expensive it is. There were several stipulations associated with being able to tap into your Long Term Care benefit, but in the past several years, the industry has been revamping Long Term Care options. Now there are several great hybrid options available that will pay your beneficiaries a death benefit if you never end up utilizing the Long Term Care policy. We will review your goals and family history with you to ultimately decide if Long Term Care coverage is a necessity for you.
Finally, the big one — Medicare. Selecting Medicare coverage isn’t exactly a walk in the park. That is why we enlist a team of experts who understand Medicare options to guide you through the process of signing up for Medicare, choosing a Medicare supplement, and everything related to health insurance.