Insurance

Insurance can be a very important part of a financial plan for in individual or a business.  This type of investment tool is used to offset a potential cash shortfall should a sudden loss of income result from an injury or death of a key person whose contribution to the family or business is financially substantial. 

Life Insurance

Life insurance can be a very integral part of a financial plan depending on the needs of the individual, family or small business.  The need for life insurance is defined by a simple question, “What would happen to my loved ones or my business if I were to die?”  When using life insurance in a financial plan, we identify how the catastrophic effect of death to an individual impacts their loved ones or business partners.  Life insurance provides the necessary wealth to ensure the financial goals are achieved in the tragic event of death to a loved one. 

Life insurance can also be used as a retirement planning solution to address the needs of potential Long Term Care expenses.   

Long Term Care

Long term care is becoming much more prevalent for retirement planners due to the increased life expectancies of our society.  This is primarily due to better medicines and health care facilities.  However, with longevity comes an increase in illnesses like age related dementia and Alzheimer’s.  Both of these illnesses require a caretaker to assist the patient.  Initially the caretaker is typically the spouse or a child, but at some point care is transferred to a medical professional or facility.  The cost associated with this type of care is usually very expensive and can have a dramatic impact on the life savings of the patient, their spouse or surviving family. 

When building a retirement plan, we help you understand what options you have to protect your life savings from catastrophic long term medical care expenses.

Disability

Disability insurance is used to replace a portion of your income if you become disabled and are no longer able to work.  Employers often offer a group plan to replace up to 60% of your salary.  Supplemental plans and individual policies will often cover up to 70% or 80%.   The need for disability insurance is defined by a simple question, “What would happen if I were to become disabled and could no longer provide for my family or business?”  Benefits typically last for a set number of years or until you reach retirement age and the benefits is income tax-free.

To learn more about our insurance planning services or to schedule a free, no-obligation consultation, please call us toll-free at 1.877.571.7526.

These materials have been independently produced by Leonard Financial Group. Leonard Financial Group ("LFG") is an independent Registered Investment Advisor registered in the State of Florida. LFG utilizes the custodial services of Fidelity Inc. and Scottrade Inc. Neither Fidelity nor Scottrade have created, supplied, licensed, endorsed, or otherwise sanctioned any content on the Leonard Financial Group website.

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