Tools & Tactics to Minimize Risk

Life Insurance

It may not be pleasant to think about your death, but it’s an important step in the financial planning process. Death could impact your loved ones not only emotionally, but financially. That’s especially true if you have family who depend on you for financial support.

Life insurance can be an effective way to provide your loved ones with financial support after you pass away. You can use life insurance to help your beneficiaries achieve things like:

• Maintaining Standard of Living
• Paying Off Debt
• Funding Long-Term Goals
• Supporting a Family Business
• Funding a Trust
• Giving to a Charity

There are many different types of life insurance with a variety of features and benefits. Premiums are dictated by many different factors, including your age, health, and the type of policy you’re purchasing.

Our goal is to help you find the right type of protection for your needs at a price point in your budget.

Long-Term Care Insurance

Long-term care (LTC) is an inevitability for many Americans. LTC is extended care or assistance with daily living activities, like bathing, eating, getting dressed, and mobility. As you can imagine, that level of care for months or even years can be costly. Long-term care insurance is a possible strategy to offset the cost and to protect your assets.

With LTC insurance, you pay a premium, either in installments or a lump-sum, and in return, an insurance company pays some or all of your LTC costs should you ever need it.

Like life insurance, there are many types and varieties of LTC insurance. Some policies cover in-home care and even home modifications. Some are coupled with life insurance so that if you don’t need LTC, you can leave the benefit amount for your loved ones after you pass away. Some policies are designed for couples, so that either individual can use the benefit.

Again, like life insurance, the cost of LTC insurance depends on your age and health, as well the specifics of the policy. Our role is to find the right protection for your needs and budget. There’s no one policy that is universally correct for everyone. It depends on your unique goals and needs.

Disability Insurance

Disability is a dangerous threat. It can disrupt your employment and income, threatening your financial stability. Disability insurance minimizes the threat by providing supplemental income. You pay a regular premium and then, if you ever become disabled, your insurance policy provides a portion of your salary as income. The amount of benefit you receive depends on your specific policy.

Many employers offer disability insurance, but that coverage often has limitations that may not fully meet your needs. If you are a business owner or self-employed, disability can be an even more significant risk. 

Risk is a fact of life for everyone, but that doesn’t mean you can’t take action to minimize the threat. At Bales Financial Group, our job is to help you implement strategies that reduce risk and maximize your ability to reach your financial goals. Let’s connect today and start the conversation.