FAQ

Term life insurance provides coverage for a specific period (e.g., 10, 20, or 30 years) and pays a death benefit if the policyholder dies during that term. Whole life insurance, on the other hand, provides lifetime coverage and includes a cash value component that grows over time, allowing you to borrow against it or use it for future financial needs.

Annuities can provide a steady income stream during retirement, offering tax-deferred growth on earnings. They are especially beneficial for individuals looking for a guaranteed source of income or to protect their retirement savings from market volatility. There are various types of annuities—fixed, variable, and indexed—each with different benefits depending on your financial goals.

Long-term care insurance helps cover the cost of services that aren’t typically covered by health insurance, Medicare, or Medicaid, such as nursing home care or in-home assistance. If you’re concerned about the potential financial burden of needing long-term care due to aging, illness, or disability, this type of insurance can protect your assets and provide peace of mind.

Yes, you can roll over a 401(k) from a previous employer into an IRA, which may offer you more investment options and control over your retirement savings. This process is typically tax-free if done correctly, and it can consolidate your retirement accounts, making it easier to manage your investments.

Estate planning ensures that your assets are distributed according to your wishes after you pass away. It helps minimize estate taxes, avoids probate, and protects your beneficiaries. An estate plan may include documents such as wills, trusts, powers of attorney, and healthcare directives, allowing you to make important decisions in advance.

Income protection insurance provides you with a portion of your income if you’re unable to work due to illness, injury, or disability. It ensures that you can continue to meet financial obligations like mortgage payments, bills, and everyday living expenses, even if your income is temporarily reduced or lost.

 It’s never too early to start saving for retirement. The earlier you begin, the more time your investments have to grow through compound interest. Contributing to retirement accounts like IRAs or 401(k)s during your working years helps ensure you have enough savings to maintain your lifestyle in retirement.

To determine how much life insurance coverage you need, consider factors like your outstanding debts (mortgage, loans), income replacement for your family, education expenses for children, and final expenses (funeral costs). A financial advisor can help you calculate the right amount based on your unique financial situation and goals.

Risk management involves identifying, evaluating, and mitigating potential financial risks, such as market fluctuations, unexpected life events, or business uncertainties. It helps protect your assets, maintain income stability, and ensure long-term financial security. Incorporating risk management strategies into your financial plan can safeguard against future uncertainties.