Individual Client Services
We all hope nothing bad will ever happen to us. But if illness, injury, or a need for prolonged care does occur, insurance can help pay the bills. That means less risk of having to drain your children’s college fund or your retirement savings to cover medical or living expenses. And at your death, the proceeds of a life insurance policy can help preserve the lifestyle of your spouse, children, or parents, or provide a legacy for beneficiaries.
At Compass Consulting, we offer four kinds of financial protection against risks to your health and well-being:
1. Medical Coverage
We make available a variety of healthcare plans that cover doctor visits, hospital stays, and other medical expenses for you (or you and your family). Your Compass Consultant will discuss your options with you, so you can choose the coverage that suits you best.
Even if your employer provides life insurance, will it be enough for your family’s needs in the years to come? Chances are, it’s only a safety net — not a true replacement for your income. Life insurance comes in many forms to fit different financial situations and pocketbooks, as shown in the chart below. To be sure you have adequate and affordable coverage, let us help you analyze the choices before you decide.
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Type of Policy
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Coverage Period
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Death Benefit
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Premiums
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Cash Value Investments
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Term Life
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Specified period only (usually 1-30 years)
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Pays fixed death benefit
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May increase at regular intervals
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None
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Whole Life
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Lifetime
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Pays fixed death benefit
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Fixed annual premium for life
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Tax-deferred until earnings are withdrawn; life insurance company invests
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Universal Life
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Lifetime
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Affected by changes in premiums; option to add cash value to death benefit (“enhanced death benefit”)
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Flexible; policyholder can change payment amount and timing
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Tax-deferred until earnings are withdrawn; life insurance company invests
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Joint or Survivorship Life
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Lifetime
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First-to-die policy pays at death of first spouse; second-to-die policy pays when both spouses are deceased
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Fixed annual premium for life
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Tax-deferred until earnings are withdrawn; life insurance company invests
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3. Disability Insurance
Did you know that a 20-year-old has a 3-in-10 chance of becoming disabled before retirement age*? Compass Consulting offers disability policies that will replace a portion of your income if illness or injury keeps you from working. There are also policies that will pay your mortgage, car loan, or business expenses if you’re disabled. To learn more, just contact us.
As people live longer, the need for long-term care (LTC) is increasingly common. At age 65, there’s about a 70% chance of eventually needing assistance with such daily activities as dressing, bathing, and using the bathroom.** This kind of custodial care, whether provided at home or in a facility, is not usually covered by Medicare. But LTC isn’t just for the elderly; younger people often face extended rehabilitation after car accidents or joint replacement. We offer plans that can help protect you and your family from long-term care’s devastating financial impact. The sooner you buy, the lower your premiums — so please get in touch with us today.
*Social Security Online Disability Planner, updated 8/29/07
**”Long-term-care coverage: How to decide if this pricey insurance makes sense for you,” Consumer Reports, 8/08
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