Our goal at Beacon Life & Benefits Insurance is to reduce financial risk and provide safe solutions for families and businesses. We generally advise clients with the aid of other professionals including their: accountant, attorney, property insurance agent, banker, and investment advisor.
As detailed below, the products we provide are:
Permanent Life Insurance comes under various types including whole life (WL), universal life (UL), index universal life (IUL), and variable universal life (VUL). It can not only provide a guaranteed death benefit at any age, but can also generate a tax free supplemental savings fund (known as cash value) that can be borrowed against to pay for major expenses such as retirement, college, family or business emergencies, or business buy/sell funding. With a premium waiver option, while the insured is fully disabled, the insurer will credit the policy premium at least until age 65. This means the cash value will also continue to grow. Many whole life products also offer additional benefits to pay for long term care. In most cases, benefit payments are received income tax free, unlike traditional qualified retirement plans (.e.g, IRA, 401(k), Keogh and 457 plans). To learn more, click on the link below to be directed to a 10 minute video.
10-Minute Lesson On Life Insurance
Term Life Insurance is a low cost option to provide death benefits, but it does not have cash value as found on whole life policies. Level term is the most popular individual type policy. Policy cost stays the same for a limited number of years – usually between 10 and 20, but at the end of the level term the cost becomes prohibitive. Level term is a good option for a temporary life insurance need such as until children are self-sufficient, a substantial loan is paid off or divorce financial commitments cease. Many employers provide some group term life insurance as an employee benefit. Group term can be very affordable but the death benefit amount is often insufficient for the employee’s dependents to maintain their lifestyle. Frequently, it ceases around the employee attaining age 65, and it isn’t a portable option should the employee leave or the business change hands.
Disability Insurance pays for loss of earned income when the earner is fully or partially disabled due to illness or accident. Personal policies can supplement any limited coverage provided by an employer’s plan, workers compensation or Medicare disability benefits. Depending on a worker’s profession, while disabled, benefits can last between 5 years to age 67. Many employers provide group short term disability benefits or sick pay plans usually lasting 26 weeks. Less often, they also offer a long term policy with benefits more limited than personal policies.
Annuities can provide a guaranteed cash benefit for a fixed length of time that can include the death of the annuitant. They can be designed to grow at a fixed rate for a number of years prior to the annuity payout beginning. As such, they can be a good option to lock in the value of a retirement plan against a substantial market downturn occurring prior to or during retirement. For those who won’t need the funds until they are past age 59 ½, fixed annuities can also be a good interest earning substitute for bank CDs.
Health & Dental Insurance can be designed to meet the needs of individuals and group insurance requirements of businesses. Our goal is to locate plans that best meet client needs, answer questions about a plan’s coverage, and help with enrollment and employee communication.
Long-Term Care Insurance (LTCI) helps individuals protect their assets including liens against their home and claw backs of gifts to family. This insurance pays for chronic care expenses including nursing home and home health care which receive limited benefits from health plans including Medicare. This coverage also can reduce the financial stress on family members during this difficult period. Business purchases of LTCI can be tailored to benefit specific classes of employees with tax deductibility to the corporation.