Insurance: Its Role in a Financial Plan
Insurance is essential to any comprehensive financial plan. If tragic events like death, disability or critical illness strike, insurance can protect you and your family from undue hardship. Some life insurance policies also provide tax-advantaged savings that you can draw on to achieve goals like buying a house or retiring comfortably.
MainStreet Financial Group has access to a variety of insurance products that can help meet your financial planning needs. No matter your personal situation—if you’re single or in a family; a professional or a seasonal employee; an executive or small business owner—we will work together to design a customized plan.
In the event of death, life insurance offers surviving family members increased financial stability. As a tax-free lump sum payment, it can pay for final expenses and debts, as well as provide income for the deceased’s dependents.
The advantages of life insurance include:
- An instant estate for your loved ones at a time when funds are most needed
- Death benefits that are almost always non-taxable for named beneficiaries
- Avoiding probate costs if you name a beneficiary other than your estate
- Potentially offering your loved ones creditor protection through some life insurance plans
- Building tax-advantaged capital for retirement purposes or provide liquid savings through some permanent life insurance plans
We can help you select coverage from a variety of life insurance options to meet the needs identified in your financial plan.
Life insurance can play a vital role in your financial security plan; contact us today to find out how.
The cost and availability of life insurance depends on factors such as age, health, and the type and amount of insurance purchased. Before implementing a strategy involving life insurance, it would be prudent to make sure that you are insurable by having the policy approved. As with most financial decisions, there are expenses associated with the purchase of life insurance. Policies commonly have mortality and expense charges. In addition, if a policy is surrendered prematurely, there may be surrender charges and income tax implications.
Help protect one of your most valuable assets – your income – from unexpected events through long-term care, disability and critical illness insurance.
Long-term care and disability insurance
Income is important for both current financial obligations (e.g. grocery bills and mortgage payments) and for future financial stability (e.g. planning for your children’s education or for retirement). Just think what might happen if you suddenly lost your income stream through a long-term illness or disability.
Long-term care and disability insurance products help protect your ability to earn an income, which can be affected if you are afflicted by a disability or other condition.
We can help you choose the long-term care and disability insurance products that provide advantages like:
- Helping maintain your financial independence, lifestyle and long-term financial plan in the event your income is impacted by disability
- Assist with paying fixed expenses for your business if you become disabled
- Support the buy-out of a disabled partner’s share of a business
We can help you tailor your financial plan so it protects your income through long-term care and disability insurance. Contact us today to find out how.
Critical illness insurance
Suffering a critical illness is distressing for both you and your family. Help ease the burden through insurance that will reduce financial stresses and can complement disability and life insurance protection needs. By helping pay for the additional expenses often associated with a critical illness or condition, insurance offers you, your family, and if applicable, your business, added financial stability—so you can focus on recovery.
The advantages of critical illness insurance can include:
- Coverage for up to 22 critical illnesses or conditions
- An initial lump-sum benefit you can use however you wish—from making mortgage payments to seeking medical treatment outside your area
- Home-care costs during illness and recovery periods
- Even if you’re not disabled from working, you may receive payment
- The ability to provide a return of premium benefit (optional)
- Individuals who cannot obtain disability insurance in some cases still qualify for critical illness coverage (e.g. a non-income earning spouse)
Contact us today to determine whether critical illness insurance fits into your financial plan.
Depending on your situation, you may or may not be covered under an employer’s group benefits plan. If not, we can help you choose a health and dental plan that can help cover out-of-pocket medical, pharmacy, and dental expenses for you and your family. These plans are designed to provide various levels of enhanced healthcare protection, depending on your needs and the stage of life you’re in.
When designing your customize health and dental insurance package, you can choose from an array of services. Options include:
- Prescription drugs, which many consider one of the most valuable forms of health coverage
- Paramedical services, ranging from the use of an ambulance to a visit to the massage therapist
- Vision care if you or your family members wear glasses or contact lenses
- Protection while on vacation or a business trip with out-of-country medical coverage
- Access to private or semi-private hospital rooms
- Dental care can include basic dental work as well as a portion of orthodontics, depending on your level of coverage
Contact us to find out more about enhanced healthcare and dental protection for you and your loved ones.