With our expert professional network we have access to professionals with over thirty years of experience in complex business, family and financial strategies and goals. Our professionals are here to help guide you through the often overwhelming process of creating an insurance and financial plan.
Call Joe Ritter for more information or to schedule an appointment 610-947-5771.
Everyone’s financial situation is unique. That’s why it’s so important to find out as much as we can about you and your financial goals. The more we know about you, the more precise recommendations we can make and the more we can help you. As a result, we may take some time to discuss your hopes, dreams and objectives — the things that really matter to you.
As needed, we will work with you to identify and prioritize your objectives, and then help establish benchmark goals. This is important because we live in a world of unlimited choices. People often fail to achieve objectives because they try to accomplish too much at once, or they don’t attach specific deadlines to their goals. By breaking down your goals to specific objectives, you can look at available resources and decide which goals are realistic and which need to be adjusted and scaled down.
Develop and implement a strategy that may help you achieve your goals. Based on our conversation and analysis, our professionals can recommend some insurance and financial products that may help you achieve your financial goals.
If you would like, we can also coordinate your insurance and financial activities for you with the other members of your team of financial, tax and legal advisors.
We can provide ongoing service as your needs and situation changes over time. Strategies need to be adjusted periodically as your life changes. We will work with you over the years to help keep your program on track with your changing needs.
Whole Life insurance is also known as permanent insurance. You receive coverage for your entire life, as long as premiums (which are a set amount per period) are paid. Whole life policies accumulate cash value tax-deferred.
Term Life policies provide coverage for a specific amount of time – such as 5 years, 10 years or 20 years. Term premiums are often less expensive than whole life premiums, but once the term of the policy is complete, coverage terminates. There is no accumulation of cash value.
Like Whole Life, Universal Life is a permanent insurance policy, which means that it covers you for your entire life as long as premiums are paid. Universal life, however, offers you flexibility that enables you to change your premiums and death benefit as your needs change.
A Variable Deferred Annuity offers the advantage of tax deferral and can be used to accumulate money for retirement. The policy’s accumulated value – and sometimes the amount of monthly annuity benefit payments – fluctuates with the performance of your investment account. There are fees, expenses and risks associated with the contract. Please be aware that assets allocated to the investment divisions are subject to market risks and will fluctuate in value.
It is available as Whole Life, Universal Life or variable Universal Life. It covers two people and provides payment of the proceeds when the second insured individual dies. Survivorship Life insurance is an essential tool used to meet estate planning or business continuation goals.
An annuity is a unique financial vehicle designed to help you accumulate money for your retirement and/or turn a lump-sum of money into a guaranteed stream of income payments. Deferred annuities offer the advantage of tax-deferral and can be used to accumulate money for retirement.
A Variable Deferred Annuity offers the advantage of tax deferral and can be used to accumulate money for retirement. The policy’s accumulated value – and sometimes the amount of monthly annuity benefit payments – fluctuates with the performance of your investment account. There are fees, expenses and risks associated with the contract. Please be aware that assets allocated to the investment divisions are subject to market risks and will fluctuate in value.
With a Fixed Interest Deferred Annuity, the interest rate on your policy is guaranteed never to fall below a certain amount. For many people, this provides a measure of security about their investment.
Medicare and Medicare supplements do not cover Long Term Care. Remember, long term care insurance only makes sense if you have assets you’d like to pass on to your heirs but don’t have the financial means to reasonably self insure. Ultimately, if you’re contemplating long term care insurance, you’re considering whether to trade a certain cost today (the insurance premium) for the potential cost down the road (the care itself).
An estimated 12 million Americans needed long-term care in 2007. There are sixty five million informal and family caregivers providing care to someone who is ill, disabled or aged in the U.S. The vast majority, basically 80% of elderly people receiving assistance, live in private homes in the community, not in institutions. Shorter hospital stays and increased usage of outpatient procedures—changes that have increased the effectiveness of medical care have shifted responsibility toward unpaid providers of care from paid providers, increasing burdens on family caregivers.
Long-term care insurance (LTC or LTCi), is an insurance product sold to help provide for the cost of long-term care beyond the predetermined period set by Medicare. Long-term care insurance covers care generally not covered by health insurance, Medicare, or Medicaid.
The Long-Term Care Partnership Program is a Federally-supported, state-operated initiative that allows individuals who purchase a qualified long term care insurance policy or coverage to protect a portion of their assets that they would typically need to spend down prior to qualifying for Medicaid coverage.
If you have a tax-qualified long-term-care insurance policy, you can count a portion of the premium as a tax-deductible medical expense. Medical expenses are deductible to the extent they exceed 10% of your adjusted gross income (or more than 7.5% of AGI if you’re 65 or older). Always consult with your CPA to make sure you can deduct your premiums.
The typical Short-Term Care insurance (STCi) policy provides coverage for 1 year or less. For many people, this is a very appropriate and affordable amount of coverage. It is true that some long-term care claims last for many years, however, almost half (49%) of long-term care insurance claims last one year or less. Short Term Care is much easier to qualify for medically.
Have a question you would like answered about retirement planning or long term care added to this list? Please submit your question via our contact form.
Annuities - Consult with a licensed financial professional to determine if an annuity is appropriate for your needs.
Guarantees are backed by the financial strength and claims paying ability of the issuing company.
Product and feature availability may vary by state and broker/dealer.
If you have any questions at all, please feel free to contact
Joe Ritter at joeritter@insuranceyoukeep.com
or call us at 610-947-5771. We’d love to hear from you.
