Insurance and Long-Term Care
You and your family have accomplished much and likely have even grander goals. To preserve this success, it is prudent to protect against the unknown. The principal areas of protection planning are life insurance that builds a financial cushion, long-term care that provides medical care while helping to preserve assets, and annuities that can provide tax-advantaged growth opportunities – along with guarantees and other protections.
Life insurance can help replace income that would be lost upon the death of you, a family member or a business partner. It can help ensure that dependents are not burdened with debt, afford a measure of financial security in a difficult time, and/or provide a cash infusion for a business to meet ongoing expenses and obligations.
The proper amount of life insurance is a very personal decision. Our joint planning conversation will examine your current levels of insurance, your needs, and what actions, if any, should be taken to provide the protection that is appropriate for you. We may find that your current coverage is appropriate based on your needs.
The most pressing financial concerns of many people revolve around providing for their families, assuring adequate retirement income and preserving their estates. Often, they do not consider the impact should they require care due to a prolonged illness or disability. Thoughtful planning can help reduce the financial burden associated with required care during a difficult time. It can also reduce family emotional burdens, such as your spouse having to decide between paying for your care or maintaining the family lifestyle, or your children having to determine whether they feel your preference is for the very best care or preserving the family financial legacy. We will help you examine the alternatives in long-term care insurance and make the decision that is right for you.
Annuities allow you to save and invest on a tax-deferred basis, can provide long-term growth potential, and are an additional source of retirement assets. Annuities may also be creditor protected depending on your state of residence.
Annuities come in several varieties and have different features, benefits, and costs. Whether it’s a single premium insurance annuity (SPIA) or deferred immediate annuity (DIA) where the goal is to create a pension like stream of income, or an indexed annuity or variable annuity where the goal is to grow your money prior to any withdrawals, SOUND Wealth Management Group has the expertise to match the right policy with each individual client need.
Annuities are long‐term investment alternatives designed for retirement purposes. Withdrawals of taxable amounts are subject to income tax, and if taken prior to age 59 1/2, a 10% federal tax penalty may apply. Early withdrawals may be subject to withdrawal charges. Guarantees are based on the claims paying ability of the insurer.