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Your insurance plan should be a key component of your overall wealth strategy, seamlessly integrated with your financial portfolio. Just like any asset on your balance sheet, insurance should be viewed as its own asset class. A well-designed insurance strategy can serve multiple purposes, from enhancing your wealth management plan and protecting your family, to supporting your goals and safeguarding the future of your family and business.
At Assured Life Insurance and Annuities, we’re dedicated to helping you find the right insurance or annuity solution, whether it’s reviewing existing individual or corporate policies integrating a customized plan into your broader financial strategy. We work closely with you to ensure the solution aligns with your specific needs and long-term objectives and most of all that you’re loved ones are protected. Life insurance needs to be tailored to your specific needs, and it has to align with your goals. We focus on the living benefits which are part of new kind of life insurance, not your traditional life insurance that just focuses on the death part.
Stories and information to help you plan, prepare and protect what matters most.
Information to help you plan, prepare, and protect what matters most.
Once a qualifying health event has occurred on an active policy, a Living Benefits policy will allow the insured party to accelerate the death benefit, essentially allowing early access to the policy’s death benefit at a discounted rate. That discount will vary depending on the severity of the illness or injury. The more impact the health condition had on the insured’s life expectancy going forward, the more money they will be offered per given amount of death benefit.
For example, a client with a $500,000 Term policy who suffers a major, life-threatening cancer diagnosis may be offered $400,000 in exchange for accelerating their full $500,000 policy. On the other hand, a client who suffers a minor heart attack and whose prognosis is very positive may only be offered $100,000 in exchange for the full $500,000 acceleration. In all cases, it is the client’s decision of whether to accept the offer and take the money or leave the full death benefit in place. In many cases, it’s even possible for the client to accept a partial offer and get some money in their hands while leaving a portion of death benefit in place for the future.
In this day and age, it always makes sense to have Living Benefits included as part of your life insurance policy.
Compared to traditional life insurance, which only pays out the death benefit if you die, Living Benefits provide you with more options and more access to your policy’s benefits in more scenarios. Any Living Benefits claim offer can always be declined if you wish, but having options is always better than not having options, especially after a major unexpected health event.
ABRs and triggers can vary widely between insurance carriers and products, so it’s important to be educated on what riders are included any Living Benefits policy you may be considering and know what conditions would qualify for a Living Benefits claim. The top Living Benefits products out there will offer all of the following ABRs and associated triggers at no extra premium cost
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Work life insurance, also known as group life insurance, is a type of insurance coverage that is provided by an employer to its employees. It is typically offered as part of an employee benefits package and is designed to provide financial protection to the employee's family in the event of their death. The coverage amount is usually a multiple of the employee's salary, and the premiums are often paid for by the employer. Work life insurance is not portable, meaning that if the employee leaves the company, they will no longer have coverage.
Business life insurance, also known as key person insurance or business continuity insurance, is a type of insurance coverage that is purchased by a business to protect against the loss of a key employee or owner. This type of insurance is typically used to provide financial protection to the business in the event of the death or disability of a key person who is crucial to the success and operation of the business. The coverage amount is usually based on the financial impact that the loss of the key person would have on the business, and the premiums are paid for by the business. Unlike work life insurance, business life insurance is portable and can be transferred to a new employer or business if the insured individual leaves the current company.
Personal life insurance is a type of insurance coverage that provides financial protection to an individual and their loved ones in the event of their death. It is designed to help cover expenses such as funeral costs, outstanding debts, and provide financial support to dependents. Personal life insurance policies can be term life insurance, which provides coverage for a specific period of time, or permanent life insurance, which provides coverage for the insured's entire lifetime. The premiums for personal life insurance are typically paid for by the individual, and the coverage amount is based on factors such as age, health, and income. Unlike work life insurance and business life insurance, personal life insurance is not tied to employment and can be maintained regardless of job changes.
While work life insurance, business life insurance, and personal life insurance all provide financial protection in the event of death, there are key differences between them. Work life insurance is typically offered by an employer as part of an employee benefits package. It provides coverage for a specific period of time, usually while the employee is actively working for the company. If the employee dies during the coverage period, a death benefit is paid out to their designated beneficiaries. Business life insurance, on the other hand, is obtained by a business to protect against the loss of a key employee or owner. The business is the policyholder and pays the premiums, and the death benefit is paid out to the business in the event of the insured individual's death. Personal life insurance, as mentioned earlier, is not tied to employment and is purchased by an individual to provide financial protection for their loved ones. The individual is the policyholder and pays the premiums, and the death benefit is paid out to the designated beneficiaries. Understanding these key differences can help you choose the right type of life insurance coverage for your needs.
When choosing the best life insurance coverage for your needs, it's important to consider factors such as your financial obligations, dependents, and long-term goals. Start by assessing your current financial situation and determining how much coverage you need to adequately protect your loved ones. Consider factors such as mortgage payments, outstanding debts, and future expenses like college tuition. Next, evaluate the different types of life insurance policies available to you, including term life insurance, whole life insurance, and universal life insurance. Each type has its own advantages and disadvantages, so it's important to understand the features and benefits of each. Additionally, consider the financial stability and reputation of the insurance company you are considering. Look for a company with a strong track record and positive customer reviews. Finally, consult with a licensed insurance agent or financial advisor who can provide personalized guidance and help you make an informed decision. By considering these factors and seeking professional advice, you can choose the best life insurance coverage for your specific needs and circumstances.
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