Insurance

Life Insurance

The main purpose of life insurance is typically to provide a death benefit. The appropriate policy for you is one that takes into account your needs and goals, has the potential to preserve your wealth during your lifetime and help you transfer the most wealth possible to your beneficiaries. Understanding how the money you dedicate to life insurance is protected* can help you avoid fear-based or emotional decisions that could impact your financial future in the long term.

Insurance

Financial Partners can help you make the appropriate decision for you, your family and your future. Life insurance can be a source of funds for your spouse, children, business partners or other beneficiaries during an extraordinary time of change. Some of the more common needs that life insurance can help with are:

  • Income Replacement: Are you the primary wage earner in your family?
  • Final Expenses: Is your family prepared for the high expense of funeral services and final medical care?
  • Debt Repayment: Do you have a mortgage, credit card debt or any outstanding financial obligations that your family may be burdened with?
  • Child Care: Do you have children or dependents that would require care in your absence?
  • College and Educational Expenses: Do your children or grandchildren have plans to attend college or seek additional career training?
  • Charitable Contribution: Are you currently contributing to a charity, cause or organization? Have you considered leaving a final contribution?
  • Business Continuation: Are you currently an owner of or a partner in a business? Have you considered leaving funds to help continue the business without you or giving your family the option of exiting the business comfortably?
  • Wealth Transfer: Do you have plans in place to preserve your wealth and transfer your assets to subsequent generations?
  • Estate Tax: Have you considered and planned for the federal tax burden your family may incur when your estate is transferred?

Long-Term Care

Don't let short-term thinking cause long-term problems

What is Long-Term Care?

The shocking reality is that an overwhelming majority of people end up needing long-term care (LTC). LTC centers on basic activities of daily living, such as bathing, dressing and eating. A medical condition or accident could leave you or a family member unable to perform many of these activities. And the expense of hiring help or living in an assisted living facility can be up to $100,000 per year.*

Unfortunately, little if any LTC is covered by your health insurance or Medicare. Even disability coverage does not address LTC needs.

When families don’t plan ahead, the burden of care falls on family members, and it can be a heavy one. Long-term care can be a full-time job and can jeopardize a lifetime of savings.

*Genworth claims department.

It's Important to Apply When Healthy.

Because your health at enrollment sets your lifetime rates, the earlier you sign up the more you’ll save. Sign up while you’re young and healthy, and you’ll get rates as low as one-fourth of what someone 20 years older might pay. Costs go up significantly as you age — and eventually may not be obtainable at all.

What Does LTC Coverage Actually Protect

  • Your retirement: LTC meets your daily care needs without draining your savings and retirement funds.
  • Your family: Family members won’t have to devote themselves to your full-time care.
  • Your safety: With LTC, you won’t have to settle for inadequate care that could jeopardize your health.

Business Planning

In the true entrepreneurial spirit of Financial Partners, we understand business owners and the importance of protecting your business and your employees.

Life insurance can help accomplish your business protection goals by:

  • Protecting against the death of key employees
  • Accumulating cash to fund future obligations under employee benefit plans
  • Funding buy-sell agreements

Generally, life insurance is a unique asset in that the inside buildup of cash value is free of income tax, as is the death benefit. As a result, the business use of life insurance is an efficient approach to addressing future obligations.

Charitable Planning

Life insurance can be used to make significant gifts to worthwhile causes that are important to you. Why donate life insurance? Many have found life insurance the ideal program for making a significant charitable gift, either during life or at death.

Consider the advantages:

  • A gift of life insurance is certain as long as the policy remains in force.
  • The full proceeds are payable to assure your philanthropic goals are achieved.
  • Life insurance is generally paid promptly; it is not tied up in the administration of the estate.
  • Unlike a will, life insurance is not a matter of public record. Proceeds can pass to a charity in privacy, if you desire.
  • Life insurance gifts can be simple. The insurance company can provide for the appropriate forms to make a charity owner or beneficiary of a policy.
  • Gifts of a policy or premium payments are generally tax deductible. Your charitable gift of life insurance can be even more satisfying if you direct your gift to a particular program in which you have an active interest. Most charities would be pleased to have someone meet with you to explore the opportunities available for planning a truly satisfying gift. It is recommended that you inform the charity of your plans for a gift of life insurance. 

Wealth Transfer

You planned well for your retirement and accumulated significant wealth. You may have been more successful than you could have ever imagined during the accumulation phase of your financial plan. Now, not all of your wealth may be needed during retirement, and focus can be shifted to transferring these “excess assets” to your heirs and creating a lasting financial legacy.

Financial Partners understands the challenges and risks associated with helping you structure and manage your wealth. Our firm is are experienced in developing complex strategies to address your unique needs, including:

  • Asset repositioning
  • Financing
  • Leveraged gifting
  • Trusts