Your loved ones financially with life insurance. It can be tough to think about, but being prepared for the loss of an income earner is the best way to protect your family. Proceeds from a life insurance policy may help beneficiaries pay final expenses and medical expenses as well as on-going living expenses and bills.

Your income with disability protection. Should you experience an unexpected illness or injury and are unable to perform your job, this protection provides you with a “paycheck.” 

Don’t count on the government: Workers’ Compensation only pays if injured on the job (only 5% of disabling illnesses and accidents are work-related); 65% of all Social Security disability claims are denied.

DI coverage provides a bridge until you’re back on your feet by covering a portion of your income in the event of a total disability. You can focus on getting better, not worrying about paying the bills.

Your savings with long-term care coverage. At any age, an individual could need care long-term care, which is a variety of services designed to meet a person’s health or personal care needs during a short or long period of time.

This type of care can cost up to $50 per hour. In 2020 in Raleigh, NC, a semi-private room in a nursing home averaged $85,776, per year!

“Medicare doesn’t cover long-term care (also called custodial care), if that’s the only care you need. Most nursing home care is custodial care.” (Medicare.gov) Medicare and/or private health insurance typically only cover medical and hospital bills and not the long-term care services.

Your retirement savings with a fixed annuity. If you have money set aside for retirement, you not only want it to grow but also be there when you need it.

With an annuity, look forward to your future knowing that you can put aside and protect your retirement savings, and earn interest on it until you need it. An annuity enables you to convert your savings, such as a 401(k), into a steady stream of income over the long term. Typically used for retirement income, the annuity can also be useful tool for those who have come into a lot of money and need a way to manage it and make it last. An annuity is sometimes referred to a “self-made pension.”