Finn Financial Advisory Group, Inc., provides life insurance, disability income insurance and long term care insurance planning. According to AARP, the lifetime probability of needing long-term care or of being cognitively impaired is 68% for people age 65 and older. The cost of receiving care continues to rise sharply year over year, especially for services in the home, where the vast majority of Americans receive long term care. Long-term care insurance can help to meet these costs and / or preserve assets for a spouse not needing care.
Someone entering the workforce has a 25% chance of experiencing some temporary or permanent disability which can lead to loss of income. Many employers provide disability income insurance for employees, with replacement income at about 60% of wages. Individuals can purchase additional insurance to ensure full (100%) of replacement income; those who do not have access to this type of insurance through their employer or who are self-employed can purchase their own policy.
Many people need life insurance to provide a death benefit. There are several different types of life insurance which can provide benefits beyond just a death benefit – like providing long term care coverage and disability income coverage, creating a tax free stream of income in retirement, and building cash to use for shorter-term goals like buying a home or paying for kids’ college. This type of permanent life insurance can be especially attractive to the young and healthy.
We work with clients to develop a comprehensive insurance plan that will provide maximum protection of income and assets.