Life Insurance
Having adequate life insurance coverage protects your family in the event you and your income were gone. It can help with monthly mortgage or rental payments, household bills, college tuition or any other expenses that your income currently supports.
There are many life insurance options:
- Term Life Insurance provides death protection for a stated time period and is well suited for short-range goals such as life insurance coverage to pay off a loan, or providing extra life insurance protection during the child-raising years.
- Universal Life Insurance is a flexible policy that allows you to change the amount of insurance as your needs for insurance change.
- Whole Life and Permanent Life Insurance provides coverage for as long as you live and continue to make timely premium payments.
- Endowment Life Insurance provides a permanent sum of money (called a face amount or death benefit) to your beneficiaries should you die before the maturity date of the policy or it will pay you if you’re alive when the policy pays out (endows). If used before the endowment period, the life insurance ends and the face value becomes a living benefit.
Long Term Care Insurance
Long-term care (LTC) insurance provides for a person's care in cases of chronic illness or disability. Policies for LTC provide insurance coverage for times when an individual cannot independently manage the essential activities of daily living and lessens the burden on family members and friends.
Advantages of Long Term Care Insurance
- Enables access to quality care and choice of care provider when the need is greatest.
- Purchasing a policy when a person does not need it gives them the opportunity to investigate the company's financial stability (whether it is solid and how it is rated), operating performance, insurance industry rating, and its claims ratio.
- Cuts out-of-pocket costs and keeps the patient from having to rely on government assistance programs.
- By having LTC at home, spouses and other family members are able to continue working or run errands while their loved one is being care for.
Your trusted advisors at Tompkins Insurance can help you understand your life and long term care insurance options, and identify the many other services available to help you meet your financial goals. Click here to request more information.