Dougherty & Company can assist you with all of your insurance needs based on your financial goals. Whether it is estate planning or long-term care, we can help you find the appropriate insurance strategy.
Life insurance provides a way to help those you care about to maintain their quality of life in the event of an untimely death and may provide retirement and other benefits to you during your lifetime. A life insurance policy can provide protection based on your current situation, goals and needs. The two most common types are permanent and term. Permanent life insurance provides lifelong coverage while building cash value. Term life insurance often costs less, but covers only a set period of time and does not build cash value.
Remember to periodically assess your situation. Changes in your income, financial obligation and long-term goals mean the type and amount of life insurance you need may have changed, too. When you discuss life insurance with a Dougherty & Company investment professional you’ll need to review information about your financial situation.
Long-term care insurance offers you flexibility in meeting your long-term care preferences and needs in the event that you need care in-home, in an assisted-living facility or at a nursing home. The costs associated with long-term care can place a burden on you and your loved ones. It can quickly drain away assets meant for a secure retirement. Health care insurance programs such as Medicare do not cover all long-term care expenses and Medicaid has a spend-down element that may force you to liquidate assets to qualify.
Traditional long-term care insurance often includes additional benefits, such as care coordination, that can ease the care process. Working with your financial advisor, you can choose the coverage that is right for you based on amount, duration, waiting period, inflation protection and coverage options. If you have a life insurance need as well as a long-term care need, you may want to consider a permanent life insurance policy with a chronic care benefit rider.
Disability income insurance offers an extra layer of financial protection by replacing your income when you’re not able to earn it due to a disabling injury or illness which could prevent you or your spouse from working. And employer-sponsored group disability insurance policies, Social Security disability benefits and personal savings may fall short of providing all of the income you depend upon. A disability income insurance policy can: