Are you prepared for a secure financial future? Discover some key aspects of a comprehensive risk management strategy.
- Disability Income Protection: Protect your income by obtaining disability income protection. Purchase it when you are young and healthy, considering factors like occupational specialty coverage, ensuring future income increases, and prioritizing individual plans over group coverage.
- Property and Casualty Protection: Property and casualty insurance (P&C) protects us against damage and protect against liability. Auto insurance, homeowner’s insurance, renter’s insurance, and personal liability insurance are all forms of P&C coverage. The higher deductible levels will lower your premium costs which should be redirected towards increasing your liability limits.
- Personal Liability Protection: Often overlooked, personal liability insurance provides extensive protection at a low cost. Consider obtaining umbrella liability protection equivalent to your assets' value.
- Life Insurance Protection: Life insurance serves various purposes, such as creating an instant estate, providing tax advantages, and offering cost-effective solutions. Don't wait too long to purchase life insurance; buy it when you are young and healthy.
By developing a risk management plan that encompasses these areas, you can safeguard your financial well-being and face the unexpected with confidence.
*Policy loans can become taxable should the policy lapse. Also, policy loans, if not repaid, will reduce the death benefit amount.
Loans and withdrawals reduce the policy’s cash value and death benefit and increase the chance that the policy may lapse. If the policy lapses, terminates, is surrendered, or becomes a modified endowment, the loan balance at such time would generally be viewed as distributed and taxable under the general rules for distributions of policy cash values.
Life insurance policies contain exclusions, limitations, reductions of benefits, and terms for keeping them in force. Your financial professional can provide you with costs and complete details.
Integrity Benefit Partners
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The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which investment(s) may be appropriate for you, consult your financial professional prior to investing. All performance referenced is historical and is no guarantee of future results.
There is no assurance that the techniques and strategies discussed are suitable for all investors or will yield positive outcomes. The purchase of certain securities may be required to effect some of the strategies. Investing involves risks including possible loss of principal.
This material was created to provide accurate and reliable information on the subjects covered. It is not intended to provide specific legal, tax or other professional advice. The services of an appropriate professional should be sought regarding your individual situation. Integrity Benefit Partners and its affiliates do not provide legal or tax services.
Securities and investment advisory services offered through qualified registered representatives of MML Investors Services, LLC. Member SIPC. Integrity Benefit Partners is not a subsidiary or affiliate of MML Investors Services, LLC, or its affiliated companies. 1 Marina Park Drive, 16th Floor, Boston, MA 02116. 617-585-4500.CRN202609-5049846.