Incorporated professionals benefit from insurance planning | Elanda Kowalchuk, CEA, CCS, CFP posted on the topic | LinkedIn (2024)

🌞SUN Safer Life is a simple and affordable life insurance plan that is perfect for first-time insurance purchasers and frugal family wage earners. It is intended to offer the greatest amount of coverage so that, in the event of your passing, your loved ones' financial needs will still be satisfied. 💛Benefits of SUN Safer Life:☀️Life insurance coverage at a minimal costEnjoy a maximum life insurance coverage equal to twice the Face Amount, at a cost that is more affordable than most permanent life insurance products. You may add a supplemental benefits or riders to provide additional protection for contingencies such as accidents and disability. ☀️Longer protectionYour coverage automatically renews every five years without evidence of insurability up to age 75 with premiums adjusted based on the Insured’s attained age upon renewal.☀️Hassle-free conversionOpt to convert your coverage to any eligible life or investment-linked insurance product prior to the policy anniversary on or following the insured’s age 65. Any additional benefit contained in the original policy may be included in the new policy if premiums are payable for life. Upon conversion, you will enjoy the same protection from the new product while payment terms and other benefits may vary, based on the new product selected.☀️Flexible payment modesMake payment more convenient depending on your goals. You may choose to pay your regular insurance premiums annually, semi-annually or quarterly. Monthly payment through Auto-Debit or Auto-Charge may also be arranged after payment of the initial quarterly premium.NOTE: Benefits indicated above are subject to the specific guidelines set by Sun Life and the actual provisions of the insurance policy contract.#SunLifePH

Pros and Cons of Long-Term Care Insurance Breakdown: Pros of Long Term Care Insurance: ⭐️ Financial Security: Long-term care insurance provides financial protection against the potentially high costs of long-term care services, such as assisted living, nursing homes, and in-home care. Without insurance, these costs can quickly deplete savings and assets. ⭐️ Choice and Control: Having long-term care insurance gives individuals more options and control over where and how they receive care. It allows them to choose the type of care they prefer, such as in-home care, adult day care, or a facility, without being solely dependent on government assistance programs. ⭐️ Relief for Family: Long-term care insurance can relieve the burden on family members who might otherwise have to provide care or manage the costs. It can reduce the emotional and financial stress on loved ones, enabling them to focus on providing emotional support rather than full-time caregiving. Cons of Long-Term Care Insurance: ⭐️ Cost: Long-term care insurance premiums can be expensive, especially if purchased later in life. Some people might find it challenging to afford the premiums, leading to the possibility of paying into a policy that they may never fully use. ⭐️ Coverage Limitations and Eligibility: Many long-term care insurance policies have certain limitations on coverage, including waiting periods, specific conditions that qualify for coverage, and limitations on the duration of coverage. Additionally, health conditions developed after purchasing the policy might render someone ineligible for benefits. It's important to carefully evaluate your individual circ*mstances, needs, and financial situation before deciding whether to invest in long-term care insurance. ✅ Click the link to grab your FREE "Retirement Toolkit"! ➡️ https://lnkd.in/euEPXknq 💥Find Us On The Web💥 ✅https://lnkd.in/dP9ssmVY 💥Join Us On Our Social Channels💥 ✅https://lnkd.in/d8sqeHQx ✅https://lnkd.in/d2RjrrQx Investment advisory services offered through Brookstone Capital Management, LLC (BCM), a registered investment advisor. BCM and Evans Financial Group are independent of each other. Insurance products and services are not offered through BCM but are offered and sold through individually licensed and appointed agents. Insurance guarantees are backed by the financial strength and claims-paying ability of the issuing insurance company and may be subject to fees, surrender charges and holding periods. Investing involves risk including the complete loss of principal. Any statements regarding protection or lifetime income refer only to fixed insurance products, never securities or investment products. Information provided is not intended as tax or legal advice, and should not be relied on as such. You are encouraged to seek tax or legal advice from an independent professional.

https://lnkd.in/gNh8N3XM."Summary of Money’s guide to life insurance with living benefitsLife insurance traditionally serves as a financial safety net for beneficiaries after death. Living benefits enable policyholders to access a portion of their policy’s payout during their lifetime under specific circ*mstances, most notably in the event of severe illnesses.Provided under “Accelerated Benefit Riders” or similar policy additions, these living benefits can offer financial relief for costs associated with critical, chronic or terminal illnesses. This coverage could help pay medical expenses, long-term care costs and other financial burdens. However, it’s important to note that claiming living benefits often decreases the eventual death benefits provided to beneficiaries.Living benefits can be a part of both term and permanent life policies through extra provisions known as riders. The specifics of these benefits can vary vastly based on individual policies and insurance companies. Choosing the correct life insurance policy depends on your particular circ*mstances and needs.Living benefits have their share of pros and cons. While they offer financial assistance for critical illnesses or long-term care needs, they can also reduce the death benefit received by beneficiaries and often come with restrictive eligibility criteria. Adding living benefits to an existing life insurance policy could also result in higher premiums.When choosing a life insurance policy with living benefits, it’s crucial to evaluate your individual needs. Before making decisions, you should research various living benefits options, compare policies, understand the eligibility criteria and, most importantly, comprehend the policy terms and conditions.When filing a claim for such benefits, policyholders must inform their insurance company, provide necessary documentation supporting their claim and wait for approval. Notably, the processing time and success of such claims can depend on the insurance company and the situation’s complexity. Understanding the specifics of the claim procedure can greatly aid decision-making and future planning."

If you're considering long-term care insurance, it's important to understand the benefits and limitations. Here's what you need to know before starting the process:

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#MoneyToday | Insurance is the most effective way of financially protecting yourself. There are several health insurance policies available which offer coverage on a floater basis for the entire family.Learn more from Nitin Deo, Chief–Underwriting, Claims and Reinsurance at Zuno General Insurance

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How to Get Higher Term Cover than Your Eligible Amount✅ Assess Your RequirementsYour term insurance policy protects your family financially by taking care of all your loved ones’ financial needs till they become independent. Check out how much you spend every month so that your family lives comfortably and all their needs are taken care of. This is the minimum amount your family needs to have every month, of course adjusted for inflation in the longer term, even if you are not there to bring your monthly income home. Based on each month’s expense in the future, you need to find out how much you need to have today. This is called expense replacement method.How can you do this calculation?Check out our term insurance calculator which can give you your recommended term insurance cover amount. ✅ Check the EligibilityThe term insurance cover which you can get from any life insurance company is not only driven by your needs, but also by your eligibility which is directly linked to your annual income.So if your term cover requirement depending on your monthly expenditure is Rs. 2 Crore and the amount of term cover you are eligible for based on your annual income comes out to be just Rs. 1 Crore, you will most likely be offered a term cover of just Rs. 1 Crore. In such a situation, how can you possibly unlock a higher cover? Let’s check out.✅ Increasing Term Cover OptionMost life insurance companies offer increasing cover options where your term cover under your existing policy increases with time. This increase can happen either at regular intervals such as every 5 years or it can happen on the occurrence of a special life event such as having a baby. Of course, your cover will grow slowly over time. But this increasing term cover is a good option to consider if you face eligibility issues based on your current annual income. ✅ Add RidersAccidental death benefit rider provides extra benefit in case of accidental deaths. If you take a term cover of Rs. 1 Crore, you can add an accidental death benefit rider cover of Rs. 1 Crore. In case you pass on due to an unfortunate event of an accident, your family receives the accidental death benefit amount of Rs. 1 Crore along with the regular death benefit amount of Rs. 1 Crore. So the total amount received by your family in such a case is Rs. 2 Crore. ✅ Build Your CorpusIf you are not eligible to get a term cover due to any other reason such as your medical history or risky profession, you cannot leave your family without any financial cushion.A great way to provide a financial cushion is to start saving early and building a corpus for you and your family to rely on in future. When invested regularly, the amount will grow into a decent corpus over time. And if you accumulate enough money to take care of your family in future, you don’t need a term insurance cover.www.algatesinsurance.in#algatesinsurance #simplifyinginsurance #termcover #unlock

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Protect your family's financial future with insurance planning. Life, critical illness & disability insurance offer vital support in unexpected events. Don't wait, secure your loved ones today. #financialprotection #insuranceplanning

Disability and critical illness insurance can offer financial support in the face of an unexpected health event, allowing you to focus on recovering. Learn more about why life insurance is important to your Total Wealth Plan. http://ms.spr.ly/60449sQWi

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Disability and critical illness insurance can offer financial support in the face of an unexpected health event, allowing you to focus on recovering. Learn more about why life insurance is important to your Total Wealth Plan. http://ms.spr.ly/60449sQWi

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Disability and critical illness insurance can offer financial support in the face of an unexpected health event, allowing you to focus on recovering. Learn more about why life insurance is important to your Total Wealth Plan. http://ms.spr.ly/60449sQWi