Life insurance
Individuals may choose among a variety of types of insurance, based on their own specific financial and personal needs:
Term insurance offers the most coverage at the lowest cost for a specified number of years. It should be guaranteed renewable and convertible to permanent coverage, but it has no cash value and no dividends. It is pure protection, much like auto insurance, but with premiums that do not change over the policy period.
Universal life policies may act much like term insurance, but are intended for lifetime coverage. There is considerable design flexibility as to adjustable premiums, death benefits, and guarantee durations. Emphasis may be on cash value accumulation or on the lowest cost lifetime coverage—or a combination of the two.
Whole life policies are the most traditional form of permanent life insurance. Their premiums are fixed and must be paid each year for life. The death benefit is also guaranteed for life if premiums are paid on time. These policies usually generate nonguaranteed dividends that may be used to increase coverage or to reduce premiums.
Most policies pay at the death of the first insured, but some joint policies pay off at the death of the second party.
Contact David Isaacson at your convenience; he will be happy to help you understand which type of life insurance may be best for your personal and family situation. (back to top)
Life settlements
When a life insurance policy is no longer wanted or needed, the policy owner may be able to offer the policy for sale using a controlled bidding process and using only accredited buying institutions. This applies for most all policies over $250,000 where the insured has a life expectancy of 2 to 15 years, due to health issues or age. Call David Isaacson for a consultation about whether a life settlement is right for you. If it is, David will work to find you the best possible price for your unwanted life insurance policy. (back to top)
Long-term-care insurance
More than half of the baby boomers will need custodial care at some point in their lives. Most of the cost of this care is not covered by private health insurance or Medicare. Long-term-care insurance provides tax-free money to pay for care at home, in the community, in a retirement setting, or in a nursing home. It is increasingly a corporate benefit because of favorable tax rulings. Contact David Isaacson for more information about how long-term-care insurance can give you and your family peace of mind. (back to top)
Disability insurance
Employee groups and some associations offer salary-continuation programs. Individuals may also purchase this disability insurance, which may provide short- or long-term benefits when an individual or employee becomes disabled and is unable to work. Business owners and professionals can even use this insurance to cover their business overhead expenses in the event they become disabled. Make sure you'll be able to take care of your family, even if you're unable to work. Call David Isaacson to learn how disability insurance can help protect you and your family. (back to top)
Annuities
Annuities are a CD alternative, purchased to provide a tax-deferred buildup of money for retirement (SPDA).
Annuities may also be used to provide income for life or some predetermined period of time (SPIA). Many plans are 100%
guaranteed by multi-billion-dollar insurance carriers, and they offer certain tax advantages not found in other investment vehicles.
“Rated annuities” are consumer-friendly immediate annuities. In short, the lifetime income you receive may be higher if
your health-related age is higher than your chronological age.
Contact David Isaacson
for information about how annuities may be the right choice for you and your financial future.
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