Are You Missing This Part Of Your Retirement Plan?

One of the top reasons people give when purchasing an individual Disability Insurance (DI) policy is that it's part of their retirement planning. You see, when people save during their working years, most likely that money is being saved for their retirement. However, one illness or accident could not only keep that person from working, but the loss of income would mean dipping into those savings.

Granted, most of our clients who buy DI are self-employed, such as business owners, salespeople or contract employees who don't have access to "group plans". Also, these people have to create their own benefits "package", which includes some sort of retirement plan. Linking their retirement planning with a DI plan makes sense.

When people think of disability insurance, they usually think of someone in a cast or wheelchair who suffered some sort of accident. In reality, around 85% of all claims are from illnesses, such as cancer, heart attack or a stroke. These claims can go on for months while the bills continue to come in the mail. A DI policy can keep those bills paid and your retirement savings intact.

If you are a business owner or otherwise self-employed, let us help you find a DI policy that covers your bills and stay in your budget. 

Chris Castanes is the president of Surf Financial Brokers, helping people find affordable life and disability insurance coverage. He's also is a professional speaker helping sales people be more productive and efficient and has spoken to professional and civic organizations throughout the Southeast. Please subscribe to this blog!

2 Good Reasons To Look At Long Term Care Insurance

There are two things that most people can agree on when it comes to Long Term Care services. The first is that people are living longer, and with that come more demand for these services. And the second thing is that people are geographically more spread out from their families, which means family can are less able to be "informal caregivers". In other words, as we age, we need to prepare for paying for long term care services. 

However, there is a major obstacle - cost. Paying for long term care services can be expensive and there doesn't seem to be any relief in sight. For those who don't own many assets, Medicaid may be the answer. However, the best option for those who want to preserve their savings is to purchase Long Term Care insurance (LTCI).

LTCI comes in many forms and prices can vary. There are traditional LTCI policies which reimburse the insured for the cost of care, up to a monthly or aggregate limit. Also, at the time of the application, the client can choose how much and how long they want coverage for. For example, a policy may pay a maximum of $4000 each month for 3 years. 

Another option is life insurance with "living benefits" that can cover chronic illnesses. These usually just pay a set amount each month as a percentage of the face amount of the life insurance. Keep in mind that when using these policies, the face amount decreases. On the other hand, if the client dies without using the LTCI portion, the policy still pays the face amount. 

If you have questions about LTCI drop us a note or visit our site and reach out to us. 

Chris Castanes is the president of Surf Financial Brokers, helping people find affordable life and disability insurance coverage. He's also is a professional speaker helping sales people be more productive and efficient and has spoken to professional and civic organizations throughout the Southeast. Please subscribe to this blog!