Say the words “life insurance” to some people, and you’re likely to get a less than enthusiastic response.
At North Coast Executive Consulting, we believe that an important part of building wealth is protecting wealth. Insurance provides a crucial defense from life’s uncertainties, and can provide you peace of mind that your loved ones will be protected.
Our team will work with you to identify your current insurance, whether owned privately or through your place of work.
From there, we will determine the intentions behind your current insurance, and then focus on whether there is an additional need for income/asset replacement, tax efficiency, estate preservation, or the proper continuation of your business. We will also ensure that your insurance is tied back to your estate planning.
Our sophisticated modeling will demonstrate whether there is a current gap in your insurance needs, and quantify specifically how much insurance is necessary in order to fill that gap, if any.
We will identify your insurance needs in the following areas:
Insurance Needs
Will your family be OK should something happen to you pre-maturely? Will your estate be passed on according to your wishes in the most efficient manner possible?
A life insurance policy on your life can help provide your future heirs with funds to pay the expenses of settling your estate without dipping into its assets. It also can help replace the income that your family may lose as a result of your death. A life insurance policy is one way to ensure that money will be available to your future heirs for their immediate or long-term financial needs.
Disability Needs
Statistics show that over their working lives many American workers will suffer a disability that could potentially wipe out their retirement savings, deplete family emergency funds, and/or require the sale of assets such as the family home.
And, regardless of your profession, career, or business, the fact that a long-term disability might destroy your financial security can be a daunting realization. The most troubling part of disability is that the family or loved ones of the disabled person might be relying completely on the disabled person's ability to earn the income necessary to pay all of the monthly bills, rent or mortgage, car payments, and put food on the table.
Long Term Care Insurance
More Americans are living longer largely because physicians, surgery, and medications are contributing to longevity in a very positive way.
However, the fact that many people are living longer does not negate the fact that many are also spending more of their elder years in long term care facilities or being cared for at home by family members.
The solution to funding the high cost of long term care in the future must be shouldered by each individual because of the low probability that government funding will be available. Therefore, long term care insurance is the most obvious choice because it accomplishes two primary goals: A) long term care expenses are paid either for care in a facility or at home, and B) a person does not have to liquidate all of their assets in order to pay the costs. In the end, having the right long term care insurance brings peace of mind to families.