Insurance and Benefit Services

If helping loved ones maintain a standard of living and avoid financial hardships after your passing is a priority for you, life insurance products can help. A general rule is that you may want to seek coverage between five and seven times your gross annual income. As far as the various types of policies go, they can generally be placed into one of two categories: term and permanent. Term insurance generally provides coverage for a specified period of time and pays out a specified amount of coverage to your beneficiaries only if you pass away within that time period. A permanent insurance policy, on the other hand, will stay permanently in effect for the rest of your life, as long as premiums continue to be paid.

An annuity is a contract you purchase from an insurance company. For the premium you pay, you receive certain fixed and/or variable interest crediting options able to compound tax deferred until withdrawn. When you are ready to receive income distributions, this vehicle offers a variety of guaranteed payout options — some even for life. Most annuities have provisions that allow you to withdraw a percentage of the value of the contract each year up to a certain limit. However, withdrawals will reduce the contract value and the value of any protected benefits. Excess withdrawals above the restricted limit typically incur “surrender charges” within the first five to 15 years of the contract. Because they are designed as a long-term retirement income vehicle, annuity withdrawals made before age 59½ are subject to a 10% penalty fee, and all withdrawals may be subject to income taxes.

As the oldest baby boomers wind through their 70s, one of the biggest concerns may not be outliving income but outliving good health. Considering that you could have to reduce your financial means before Medicaid will pay for long-term care and neither your employer group health insurance nor major medical insurance will cover long-term care, you may want to consider planning ahead for these potential expenses. We can help evaluate your situation and determine what kinds of products could fit into a comprehensive disability and long-term care strategy, one that is suited to your needs and circumstances.

Most people get their Medicare coverage one of two ways: original Medicare or Medicare Advantage. Original Medicare is the most widely chosen option, but it’s common for individuals to also purchase a Medicare Supplement insurance plan to help cover the gaps. Medicare Advantage, meanwhile, includes coverage of Parts A and B with Part D often included as well. And while it generally offers a lower monthly expense than original Medicare, it requires a select network of providers and can lead to higher out-of-pocket costs. We speak the language of Medicare and can help you understand your options. We’ll help you select the Medicare Supplement plan that’s right for you as we guide you through our easy process.

Looking to recruit, retain and reward key executives and other essential corporate staff? An optimized and over-the-top benefits package may be just the ally you need. Our plans offer flexibility in an area where that isn’t commonplace and can help you craft income strategies that provide replacement income at retirement based on total, non-limited compensation. Amid today’s workforce dynamics, it isn’t exactly easy to create an environment where executives envision themselves working at the same place all the way to their retirement — but the right benefits plans can help move them closer to that place.