The Planning Process: Insurance Analysis

A big part of keeping your dream alive is making plans to protect the financial situation of your loved ones, particularly your dependents. We believe that sound planning begins by building a strong base of financial security. We have access to a full spectrum of insurance products designed to help you manage the risks of premature death, disability and health care. We can provide guidance in choosing the type of coverage that is appropriate for you and your family, including those available through your employer. Insurance products offered through Lincoln affiliates and other fine companies.

Disability income insurance
Long term care insurance
Life insurance

Disability income insurance

Disability income insurance provides supplemental income to an individual whose earnings have been impacted due to an accident or illness. If you're an individual employee, disability insurance may help replace part of your income until you get back on the job. If you're a business owner, coverage may help pay day-to-day operating expenses if you're unable to work. It also helps provide funds to purchase a disabled partner's share of a business through a buy-out agreement or compensate for profits lost and expenses incurred if replacing a disabled key individual.

Disability income insurance is typically identified as one of three variations - partial disability, recurrent disability or total disability - and is designed to replace part of your income until you are able to return to work.

Generally, partial disability pays a portion of the total disability benefit to you if you are unable to perform one or more of your occupational duties because of disability. This provision is built into some disability policies or is available as a rider with others.

Recurrent disability describes situations where a disability occurs, you recover for a short period of time, then experience a recurrence of the same or related disability.

Usually, "total disability" considers you totally disabled if you are unable to perform the important duties of your occupation due to injury or sickness, aren't working in another gainful occupation and are under a physician's care.

Definitions of types of disabilities and coverage provided vary according to the provisions of a particular disability policy.

Long term care insurance can provide added reassurance in the event of a disabling illness or injury. Likewise, individual life insurance can help you plan for your future, making sure you have enough income to provide for loved ones or even the continuation of a business after you're gone.

Life insurance

Life insurance is often purchased to replace income that potentially can be lost with the death of a wage earner. Life insurance policies work from the same basic idea - they help protect the financial security of your family in the event of your untimely death. You pay the insurer "premiums" and the insurer promises to pay your beneficiaries a death benefit when you die. At that time, your beneficiaries receive the death benefit in effect at the time of your death.

Why buy life insurance? It can help protect your beneficiaries' home and livelihood, help replace your income and minimize the debt load for your survivors. In addition, proceeds paid to beneficiaries are not subject to income tax.

Universal life offers flexibility. The amount of premiums may vary as long as the available cash value is sufficient to cover the costs of the policy. You also can opt to increase or decrease the amount of the death benefit while the policy is in force.

Variable universal life is designed with the flexibility of a universal life policy together with variable investment options. The cash value varies with performance of an underlying portfolio of subaccounts. You select how to allocate the net premium among investment options (subaccounts) offered. Subaccount values fluctuate with market conditions.

Whole life is traditional life insurance. Premiums are guaranteed in the policy for the entire time the policy is in force. You accumulate a cash value, but the insurance company determines the interest rate credited to the cash value.

Term life insurance is purchased for a specific term of years: one, five, 10 or longer. If you die during the term, your beneficiaries receive the death benefit. But, if you're still living when the policy expires, coverage ends and there is no payout.

One thing is true for all types of life insurance - the younger you are and the healthier you are when you purchase life insurance, the less it will cost you to own a life insurance policy. You should consider your life insurance needs when major events occur in your life such as marriage, the birth of your children or a business startup.

Long term care insurance

Long term care insurance provides you with day-to-day assistance when a serious illness or disability renders you unable to care for yourself, whether physically or cognitively, for a lengthy period of time. Long term care can be provided at home or at nursing, assisted living or alternate care facilities.

Long term care insurance can help provide a sense of security. You can gain maximum protection against the potentially high costs of long term health care while helping to preserve your resources.

Decisions about long term health care are seldom easy. You'll need to consider several basic factors in making your choices for long term coverage. Your eligibility and long term care rates are based on your age, sex, health type and amount of coverage selected.

An effective long term care plan can be tailored to suit your needs with supportive protection benefits such as home health care protection. This is when a home health care aide cares for you up to eight hours a day and your primary care giver, such as a spouse or a child, cares for you the remainder of the time.

In addition, you may want to consider inflation protection, which ensures that your benefits keep pace with nursing home costs. For an additional premium, inflation protection offers an annual increase in benefits.

You may wish to consider partnering your long term care plan with a disability insurance plan, as well as life insurance coverage, to provide a well-rounded protection plan.

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David R. Henze

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ph: 812.473.7200
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