HOW DOES RISK MANAGEMENT WORK?
The purpose of risk management, as it pertains to your finances, is to make sure that an unplanned event in your life does not prevent you from achieving your financial goals. There are several different strategies that can be used to mitigate risk, and there is not a “one-size-fits-all” solution. The most common type of risk management typically involves utilizing an insurance product to share the burden of your risk.
We have access to a very large and diverse universe of insurance companies through our relationship with Equitable Network. Through their network of over 40 insurance companies, we can offer affordable products from some of the highly rated insurance companies in the U.S.
Thinking about the various risks we face in life can be stressful but ignoring risks does not make them disappear. Our goal is to help you minimize your risks to help you should an unplanned life event occur.
This type of insurance provides your beneficiary a tax-free check when you die, called a death benefit. The funds can help your beneficiary maintain their lifestyle, pay off debt, or pay estate taxes. Regardless of the reason for the protection, it is important you have the correct amount of coverage and type of life insurance.
PERMANENT LIFE INSURANCE
Permanent life insurance covers a person throughout their entire life providing premiums are paid. That means that your beneficiary will receive a death benefit if you were to pass at any point–with no age limitation. We offer variable universal life insurance, universal life insurance, and whole life insurance as permanent life insurance options.
TERM LIFE INSURANCE
Term life insurance is temporary, meaning it covers a specified timeframe (often 10, 15, or 20 years). After that period, the benefit no longer applies, and you would need to renew the insurance or switch to a different type of life insurance.
SURVIVORSHIP LIFE INSURANCE
Survivorship life insurance covers two individuals and can help you know that your loved ones are in good hands. This type of insurance can be used for estate taxes, third-party care, charitable donations, and more.
If you cannot work due to a disability, disability insurance replaces your income. This is important to help ensure you have the financial support you need at a time in your life when your working income is critical to the success of your financial goals.
LONG-TERM CARE INSURANCE
Health insurance does not include living arrangements or services for long-term care or in-home care. Instead of being forced to cover the costs out of pocket, long-term care insurance can defray a portion of the costs associated with care, which can be significant. It is important to note that Medicare does not cover most expenses associated with assisted living facilities, nursing homes, and in-home care.
GET STARTED WITH RISK MANAGEMENT TODAY
WE ARE HERE TO ASSIST YOU
TALK TO ILLUMINATE FINANCIAL GROUP TODAY
Our Financial Advisors are happy to provide the clarity you need. We will evaluate the risks in your life and see how they may affect your goals. Reach out to us today to get started.
Variable life insurance is offered by prospectus, which contains more complete information including investment objectives, risks, charges, and expenses. Please read the prospectus carefully before investment or sending money.