Using insurance-based solutions to complement your financial plan

In the mid 1700's, Benjamin Franklin helped lead the formation of the first insurance companies in U.S., starting with fire insurance followed soon by life insurance.  Over the 250 years since then, insurance has become an integral part of our lives and a critical component of a well-rounded financial plan. 

Of course some types of insurance are legally required such as homeowners insurance if covered by a mortgage or automobile liability insurance to protect others in the event of an accident .  These are not the insurance products we're talking about here.  Rather, we consider the use of insurance products to help our clients deal with the following types of contingencies in their lives that impact their personal financial futures:

• Premature death of a family member whose income the family relies upon - either now or in the future,
• Disability or chronic/critical illness and its impact on the the individuals financial future,
• The need for long-term care
• Running out of money in retirement due to market volatility, longevity, spending, etc.
• Providing a tax-free "bucket" of income to diversify income sources in retirement
• Providing business owners with excess savings opportunities and incentive plans for key-employees
• Provide business owners with funding for buy/sell agreements

These are just some of the examples where products like life insurance, annuities, disability and long-term care can be effective in helping round-out a client's financial plan and provide peace of mind to themselves and their families.

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