
Income and asset protection are important components of a sound retirement strategy. Planning for disability and long-term care needs is critical to a successful financial plan, ensuring the protection of income and assets for family members and heirs.
An injury or chronic illness can have a significant financial impact on individuals and families. The inability to work can cause significant strain in meeting financial obligations or maintaining lifestyles, greatly diminishing savings and derailing funds for retirement. Post-retirement, the impact of long-term disability or chronic illness can be dramatic and significantly alter the lives of those caring for the disabled person. Disability income and long-term care insurance helps lessen the impact of these life-altering events.
DISABILITY INSURANCE – A disability can occur at any time, the probability of which increases with age. A disabling event often coincides with peak earning years, when individuals are funding their retirement goals. Social programs provide modest benefits and can be difficult to obtain. Many people who rely on their occupation to cover their living expenses choose to protect their future earnings with disability income insurance. Coverage can be obtained individually or employers can provide individual policies in addition to existing group long-term disability benefits.
Employer-sponsored individual disability programs allow an executive to obtain more coverage with limited underwriting and at discounted premiums.
LONG-TERM CARE (LTC) INSURANCE – Long-term Care encompasses a wide range of supportive and health services that are required when an individual suffers from
This allows the individual to maintain their independence and their family members to supervise where and by whom care is provided, rather than provide care themselves or make decisions on how to pay for care.