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Insurance Needs Analysis
Our Process
Why Clients Choose Us
1. Analyze
Initially, your advisor will ask detailed questions to understand your financial goals, assess your current situation, and create personalized strategies that meet your unique needs. This process ensures alignment with your priorities and sets the foundation for guiding you through future financial decisions.
2. Recommend
Your advisor will analyze your entire financial situation and provide customized recommendations to address any identified gaps. These suggestions are designed to help you choose products that suit your specific needs and goals, ensuring informed decisions that promote your financial well-being and future plans.
3. Purchase
If you accept your financial advisor's recommendations, they will help you obtain the essential products and services to protect your financial future. This may include arranging a medical exam, as needed for the type of insurance or financial product chosen.
4. Review
Your financial professional will regularly review your strategies to ensure they align with your changing goals. These check-ins enable adjustments to keep your financial goals in sight, adapting to any shifts in your circumstances or priorities while maintaining communication to support your financial aspirations.
Protect Your Family's Future
Insurance serves as a cornerstone of financial security offering indispensable protection against unforeseen risks and events. Whether it involves shielding loved ones with life insurance, securing affordable healthcare through comprehensive health insurance plans, or against any other adversity life throws at you; insurance provides a crucial buffer against potential financial devastation. This proactive approach not only fosters peace of mind but also fosters a stable foundation for pursuing personal and professional goals with unwavering confidence.
Life Insurance
Life insurance is a financial product that pays out a lump sum of money to designated beneficiaries upon the insured's death. It provides crucial financial protection by covering expenses such as funeral costs, income replacement, debt settlement, and ongoing living expenses. Available in term and permanent options, life insurance serves as a strategic tool for estate planning and ensuring long-term financial security for loved ones.
Term Life Insurance
Term life insurance offers cost-effective and convenient coverage for a specific period, known as the term, during which premiums are paid. It can often be converted to a permanent policy. For personalized advice on your insurance needs, consult with a financial professional.
Whole Life Insurance
Whole life insurance guarantees^ a death benefit and enables the accumulation of cash value over time. The cash value grows tax-deferred, ensuring it remains available when needed*. Additionally, with some whole life policies policyholders have the potential to earn dividends, although these are not guaranteed.
Universal Life Insurance
Similar to whole life insurance, universal life insurance allows for the accumulation of cash value and offers the added advantage of flexible premiums. This flexibility means you may have the option to reduce your premium payments for a certain period if needed^^.
Variable Universal Life Insurance
If you want control over how your premiums are invested, variable universal life insurance could be a suitable choice. Similar to universal life, this type of insurance offers flexible premiums and the opportunity to accumulate cash value, along with the advantage of investment choices**.
^Gaurantees are backed by the claims paying ability of the issuing insurance company.
*Access to cash values through borrowing or withdrawals will reduce the policy’s cash value and death benefit, increase the chance the policy will lapse, and may result in tax liability if the policy terminates before the death of the insured.
^^Assumes there is sufficient value in the policy to cover the cost of the premium, limitations may apply.
**Investments are subject to risk and its possible to lose money.
How Much Life Insurance Do I need?
Who Should Consider Life Insurance?
If you have financial dependents or wish to ensure your loved ones are not burdened with burial expenses or debts, considering life insurance is advisable. Moreover, if you are beginning your journey and aim to secure a cost-effective premium rate for future family needs, various life insurance options can effectively meet those objectives as well.
Other Types Of Coverage
Disability Income Insurance
Disability insurance, or disability income (DI) insurance, offers financial security in cases where illness or injury prevents you from working for an extended period. DI can replace a portion of your income, encompassing bonuses and commissions. It’s important to note that group long-term disability insurance provided by your employer might not provide adequate coverage in such situations.
Is DI Insurance Right For Me?
Disability income insurance can provide coverage for 45 percent to 65 percent of your income in the event that you are unable to work due to illness or injury. Therefore, if you have financial dependents, college tuition obligations, or mortgage payments to meet, it is advisable to explore disability income insurance as a protective measure.
Benefits
Income and retirement protection are paramount in ensuring financial stability and peace of mind throughout one's life. Income protection, such as disability insurance, safeguards against unforeseen circumstances that may disrupt earning potential due to illness or injury. This coverage ensures a steady stream of income, preserving financial commitments and maintaining lifestyle standards. Individual disabilty insurance may also help you avoid using your retirement savings to cover income gaps. You may be able to purchase a DI policy that can help you continue saving for retirement while you are disabled, helping to ensure your plans for retirement are protected.
Annuities: Securing Income For Your Future
Annuities are valuable financial products designed to provide a reliable income stream during retirement or other stages of life. Understanding the various types of annuities and their benefits is crucial in planning for your financial security. At Poker Financial Group, we offer expertise in annuities that include:
What Is An Annuity?
Types of Annuities
Exploring fixed, variable, and indexed annuities to determine which aligns best with your financial objectives.
Consulting with a financial advisor can help clarify which annuity type best aligns with your financial objectives, considering your risk tolerance, investment goals, and overall financial plan. Each type of annuity has its strengths and considerations, making informed decision-making crucial for maximizing your financial security and growth potential.
Income Planning
Designing annuity strategies to provide steady income payments tailored to your retirement needs involves careful consideration of various factors to pursue financial security and flexibility.
You can enhance financial security and confidence during your retirement years. Each decision should be aligned with your personal financial goals and circumstances, aiming to strike a balance between income stability, growth potential, and flexibility.
Tax Efficiency
Discussing the tax implications of annuities and strategies to minimize tax burdens.
Understanding the tax implications of annuities and implementing effective strategies can help you maximize the benefits of these financial instruments while minimizing unnecessary tax burdens. Each strategy should be carefully evaluated in the context of your overall financial plan and goals for retirement income and estate planning.
Legacy Planning
Incorporating annuities into your estate plan aims to ensure a lasting financial legacy for your loved ones.
Incorporating annuities into legacy planning is important because they provide a reliable income stream, provide financial security for beneficiaries, offer tax advantages, and contribute to estate liquidity. They also allow benefactors to customize their financial legacy and preserve their values for future generations. Consulting with a financial advisor or estate planning attorney can help benefactors navigate the complexities of annuities and integrate them effectively into their overall estate plan.
