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Life insurance helps to ensure that your family and loved ones are protected against financial difficulties in the event of a premature death. In general, it is an essential component in planning for the future. Combined with investments, retirement and estate planning, life insurance is a fundamental part of a sound financial plan. With the help of an eGlobal professional you can develop a complete plan that will protect you and your family.
Disability income coverage replaces income lost by an employee when injury or illness prevents the individual from working. Generally, disability income policies are divided into 2 types:
-Those that provide benefits for up to two years (short-term)
-Those that provide benefits for a longer period, usually for at least five years, to age 65, or for a life-time (long-term).
When provided on a group basis, the benefits are usually integrated with benefits from Social Security and other public programs. The entire range of benefits from these sources generally is set at a level that does not exceed 60 percent of earnings.
Key Person Insurance
When you’re just starting out, you’ve got a lot on your plate, and it seems like you spend all your time working on the urgent stuff–trying to get your product or service ready, hiringpeople, figuring out how to increase sales, paying the bills and so on. It’s hard to find the time to consider something that isn’t really urgent but that can be incredibly important, such as insurance–specifically, “key man” insurance.
Key man insurance is simply life insurance on the key person in a business. In a small business, this is usually the owner, the founders or perhaps a key employee or two. These are the people who are crucial to a business–the ones whose absence would sink the company. You need key man insurance on those people!
Long-Term Care Insurance
Long-term care involves a variety of services for people with a prolonged physical illness, disability or cognitive disorder. Long-term care is not one service, but various different services aimed at helping people with chronic conditions compensate for limitations in their ability to function independently. Long-term care differs from traditional medical care in that it is designed to assist a person to maintain his or her level of functioning; traditional medical care or service is designed to rehabilitate or correct certain medical problems that the individual experiences.
Individual health care insurance provides coverage for only one individual, or family. In general, individual plans are more expensive than group insurance. You can obtain individual plans directly from a company who offers them. The company with whom you apply will evaluate you from a health standpoint, in terms of how much risk you present to them. Usually, they’ll provide a questionnaire for you to fill out, asking various questions about your current and past health history. They will determine your risk accordingly, from which a premium will be generated.
Buy-Sell Agreement Funding Insurance
A buy-sell agreement guarantees a buyer for a retiring or deceased owners interest in a business, thereby allowing the owner (or the owners heirs) to recover his or her investment. The agreement also fosters the continuation of the business by not allowing the departing owners interest to fall into the hands of outsiders – persons who may not be qualified to run the business or who may be incompatible with the remaining owners.
Business Overhead Expense
While not strictly an executive coverage, nevertheless this disability plan is an important adjunct of the business and business owner in protecting against disability. The policy provides coverage during disability for charges the insured might incur in the operation of the business.
Such expenses will not generally include salary, fees, or other remuneration for the insured, his family, or the partner, now will it cover the cost of goods. Mortgage payments may be covered, depending on the issuing company. Often the Business Overhead Expense policy, in conjunction with individual disability planning, is the reason a business owner has a business to return to.
Education Planning (Education IRA, 529 Plans)
It’s an education savings plan operated by a state or educational institution designed to help families set aside funds for future college costs. As long as the plan satisfies a few basic requirements, the federal tax law provides special tax benefits to you, the plan participant (Section 529 of the Internal Revenue Code). 529 plans are usually categorized as either prepaid or savings, although some have elements of both.
Qualified Retirement Plans (401k, SEP, Simple IRA)
Qualified plans are referred to as qualified because they qualify for favorable tax treatment under the Internal Revenue Code. Provided they meet the requirements for maintaining such plans, employers and self-employed individuals get to deduct their contributions to the plan. Also, employees are not immediately taxed on the contributions made on their behalf, they can often make additional contributions on a pre-tax basis, and earnings on their retirement plan funds get to accrue on a tax-deferred basis. This is a pretty good deal for both the employer and the employee.
Personal Retirement Plans
(IRA, Roth IRA, Non-Qualified and Deferred Compensation Plans)
The IRA and the Roth IRA are excellent individual retirement savings programs. These IRAs allow you to sock away up to $3, 000 per year if you are under age 50, and $3,500 per year if you are older than 50. There is no dollar limit on the amount that can go from an IRA to a Roth IRA.
The unique part of the Roth is that you can receive your money tax-free when you retire. Thus, the Roth IRA is one of the best ways to build a retirement nest egg without worrying about paying taxes on your money at a later date. This feature should prompt everyone to at least investigate contributing or converting to a Roth IRA.