If you don’t know a lot about life insurance, you may think its sole purpose is to protect your loved ones by providing cash if you die prematurely. What may surprise you is that the death benefit is only one of many benefits of owning a permanent, purposefully funded life insurance policy. By taking advantage of the versatile and flexible features of this financial tool, you can: 

• Provide loved ones with a tax-free death benefit
• Generate tax-deferred cash accumulation
• Create access to cash value
• Protect yourself from creditors
• Create a cash source at a time of terminal illness

Have you ever given serious thought to what might happen to your business if you, your partner(s) or a key employee die unexpectedly? The loss of any one of you can have long-lasting damaging effects on the business. These may include:

• Lost accounts, contracts or customers
• Reduced revenue
• Costs to hire and train a replacement
• Liquidation or close of business (if owner dies)

Business owners can help minimize these negative consequences if they have adequate life insurance in place for themselves and their key people. TFG will assist in developing and implementing a strategy that helps protect the financial objectives of the owner, the key executives, and the business interests.

Disability insurance provides you with a percentage of your income if an illness or injury prevents you from working and earning a living. Protecting your income can be thought of as insurance for your paycheck.  Many Americans do not think about disability income protection until it’s too late. Of those who do think about it, many just do not believe it can happen to them.

• Up to 1 in 4 (26%) of adults in the United States are faced with some type of disability.¹
• 1 in 3 working Americans do not have adequate disability coverage.²
• A 40 year old earning $8,500 per month until age 65 will earn $2,550,000 ($8,500 x 12 x 25). This does not even take into account potential salary increases.

Instead of depleting personal savings to pay bills of daily living, monthly disability insurance payments can allow for time to concentrate on recovery. Talk to a TFG professional today about a disability protection plan to help secure the life that you have worked so hard to achieve.

Long-term care is the greatest health expense older Americans face. Did you know Medicare only provides short-term recovery benefits for skilled care in a nursing home following hospitalization? Medicare does not pay for 8-hour shifts at home. In fact, most insurance and supplements provide only short-term recovery benefits.

The Medicaid welfare program offers some relief, but you must spend most of your assets to qualify. Without proper planning, long-term care can easily exhaust insurance and savings plans, and deplete the family’s assets. Long-term care planning will be an enormous value to you and your family should the need arise. Policies are available to people ages 18-84, but because policies are aggregated and health underwritten, getting coverage at an early age makes good sense. You may not be able to qualify once a serious health problem is diagnosed, so don’t wait until a health issue appears.

Additionally, business owners can deduct the cost of long-term care insurance protection for themselves, for their spouse and their tax dependents on a favorable basis. Owners may be able to deduct 100%. It pays to find out how! Whether you need full coverage or a supplement to employer provided group long-term care coverage, TFG can help build a plan for you.

Just as there is a careful process involved in generating, growing and maintaining impressive levels of personal assets, there is also diligent work involved in making sure these assets are protected for generations to come. Property & Casualty Insurance is a critical wealth management tool, but it can easily be overlooked. While it is safe to assume you wouldn’t consider a one-size fits all investment strategy, why settle for anything less than coverage that is personalized to protect your exact financial situation, unique assets and lifestyle? After all, your legacy belongs only to you.

With long time relationships and direct access to the industry’s premier insurance companies, Private Risk Insurance Agency, a division of Tax & Financial Group, provides expert guidance and insurance solutions for our clients in the following areas:

• Multi-Million Dollar Homes & Estates
• Multiple Homes (Secondary and Rental Properties)
• Course of Construction
• Earthquake
• Flood
• Automobile (including Exotic and Collector)
• Private Collections (Jewelry, Fine Art, Wine, etc.)
• Yacht & Watercraft
• Personal Excess Liability (up to $100 million)
• Kidnap & Ransom Insurance
• Directors & Officers Liability Insurance (Domestic Staff)
• Employment Practices Liability Insurance (Domestic Staff)