Building a strong foundation is pillar number one of our planning philosophy and nothing is more foundational than ensuring you and those you love the most are properly protected.
We will conduct a thorough review of any existing policies and perform a gap analysis to determine what your exact need is. Our goal is for you to have just the right amount of coverage in place. While it’s important to not overpay for insurance, it’s just as important to ensure that you are covered when the unexpected happens.
Risk management is essential to your financial plan. We’ll review your current situation to help determine what impact a premature death or disability would have on your financial plan so that we can bring as much certainty to your financial life as possible. Furthermore, it’s important to ensure proper titling of bank accounts. For example, in the state of Florida, TBE titling can be used to add additional layers of asset protection from creditors. Also, ensuring proper coverage limits on auto insurance is crucial to protect your assets in the event of legal action and provide creditor protection.
Your comprehensive risk management plan will include a deep dive and evaluation of the following:
Did you know1 that a 65-year-old couple in good health will need approximately $387,644 to pay for health-care costs for the remainder of their lifetime? Ensuring your health care needs now and in the future are in place is important. While some clients simply need us to help them better understand what benefits their employer offers, some clients need us to connect them to the right strategic alliances to put plans in place or help them navigate the Marketplace. Either way, our pre-retiree and retiree clients often need to address their Medicare coverage so, again, we’re here to educate and provide the proper introductions when necessary.
For those in their accumulation years, your ability to earn an income is actually your most valuable asset. A 35-year-old making $80,000 and retiring at 65, has a $3.5 million-dollar income potential.2 However, many times we find that our clients don’t really have a full understanding of the depth of support that income provides. Divide your life into four parts – Self, Family, Community and Career – then identify everything within each part that your income supports. You’ll start to realize that a lot relies on your income, perhaps even more than you first thought. Often times, our clients already have some insurance protection in place through an employer’s Group Long Term Disability (GLTD) benefits. But is your current GLTD coverage adequate for your needs? For example, are the GLTD benefits taxable? Does it cover bonuses? Are there monthly benefit caps? We will take the time to evaluate all of these questions to determine what is most appropriate for you and tailor it to fit your financial plan.
2. How much will I earn in my lifetime?, 2020. [Online]. Available: https://www.calcxml.com/calculators/ins07. [Accessed: 23-Oct-2020]
We don’t know about you, but auto, home and other types of property and casualty insurance can be confusing to understand. Let us complete a full review of your existing coverages to determine if your limits are in the appropriate thresholds or if adjustments need to be made. Do you know what coverage you have and what risk you may be taking on If you don’t have the right amount?
Basic automobile insurance is comprised of six different areas:
Basic homeowners’ insurance is comprised of four different areas:
For most of us, it is unpleasant to envision a time when performing routine tasks may become difficult as the result of injury, illness or aging. If the time comes when you need substantial assistance performing daily tasks, it is unlikely you will want cost to be the primary decision-making factor for your long term care. Long term care (LTC) services can be expensive and costs generally continue to rise. Planning early can help ensure that you have more control in receiving the type of care you want — in the setting you choose, should the need arise.
What is Long Term Care?
Long term care includes a variety of services and supports to help meet personal care needs over an extended period of time. The services include help performing Activities of Daily Living (ADLs), such as: bathing, continence, using the toilet, transferring to/from a bed or chair, dressing and eating. Long term care services are generally not covered under personal health insurance or Medicare because they are not intended to cure, improve or treat a specific medical condition. Medicaid may help individuals with income and assets below state requirements.
Whether long term care services occur in a nursing home, assisted living facility or your own home, the costs can be a huge expense. The average stay in a nursing home is 835 days (2.3 years) and $183,700. The national median hourly rate for a home health aide is $20 and that can add up quickly.
Potential Ways to Pay for Care
A variety of sources may be used when expenses do not qualify under Medicare or personal health insurance.
Making it Work
As you can see, there are many alternatives to consider when preparing for the possibility that you may need long term care. Generally, beginning early has advantages. First, at younger ages, you are more likely to be healthy and qualify for various types of insurance. Second, starting early means you may be able to meet your goal with lower installment savings amounts or annual premiums.
You don’t have to prepare for long term care expenses alone. Our Financial Professionals can review a variety of solutions that may help you meet your goals.
1 For more information regarding benefits provided by Medicare or Medicaid (Medi-CAL in California) visit www.cms.hhs.gov. Medicaid guidelines vary by state. Contact your local Medicaid office for details.
2 National Nursing Home Survey 2014, National Center for Health Statistics.
3 Cost of Care Survey, Genworth, June 2015.
Most small businesses need to purchase some type of business insurance. The following are the four most common types:
The type of business you are in will play a large part in determining what kind of insurance needs you have. Some are riskier than others and may need additional asset protection or specialized riders.
Umbrella insurance is a form of personal liability insurance that covers claims in excess of regular homeowners, auto or watercraft policy coverage. It generally covers injury to others or damage to their possessions; not the policy holders property. While this type of coverage is not always necessary, it is important to review other property and casualty coverage is to accurately determine what needs you may have for an umbrella policy.
Protecting the financial security of your family or business with life insurance Is a foundational piece in building a bulletproof financial plan. When we discuss life insurance needs with our clients , we take the time to provide a thorough capital needs analysis by evaluating – Readjustment fund needs , burial costs, existing debts , current or future mortgage needs , future education costs and A future income stream for the surviving individual.
Life insurance can provide much more than just death benefit protection, though. In some situations, owning a permanent life insurance policy can be a great retirement accumulation vehicle that provides additional tax advantages and efficiencies as well.
For our business owner clients, entity formation and organizational structure is a key component to minimizing your risk exposure and addressing tax implications. Our team will work in concert with any other strategic advisors (CPAs, Attorneys, etc) you may already have to ensure proper Corporate Resolution documents, by-laws and key employee retention strategies are in place and reviewed regularly.
Property & Casualty, Auto and home insurance is offered through a variety of quality insurance companies that are not affiliated with MML Investors Services, LLC.
Gambin Financial Group
127 North Magnolia Ave. Orlando, FL 32801
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Securities and Investment advisory services offered through qualified registered representatives of MML Investors Services. LLC. Member SIPC (www.SIPC.org) Supervisory Office: 5001 Louise Drive, Mechanicsburg. PA 17055 (717-791-3300) Gambin Financial Group is not a subsidiary or affiliate of MML Investors Services, LLC or its affiliated companiesCRN202301-270886
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