Insurance Planning – Cravitz Financial & Insurance Solutions

Insurance Planning

Although insurance may not be the most fun thing to talk about it might end up being the most important.

What would the situation be like for you, your spouse, or anyone that financially depends upon you if you were to have a sudden unexpected serious illness. 

What would the impact be on you and the people you care about if you had a heart attack, a stroke, or were diagnosed with cancer?

What if you or spouse were to pass away early?

What would happen if an income stream stopped because they are either no longer working, the pension stops, or because your now down to one Social Security check instead of two?    

These are not things any of us like to think about, but we need to be prepared financially if and when they do.  

It's important to consider whether you need either life insurance or long term care insurance.

Look, not everybody needs either one.

For those that do, life insurance can provide a source of tax free money that is payable in a lump sum on death.  It can also provide living benefits.

For instance, you might have a heart attack or be diagnosed with cancer.  Some life insurance policies provide living benefits which allow you to access a portion or perhaps all of the death benefit payout even while you are alive.

Other policies provide living benefits if you became chronically ill.  

This means that if you couldn't do two activities of daily living including eating, toileting, transferring, bathing, dressing and continence, or if you had a severe cognitive impairment you could receive either a portion or perhaps all of your death benefit even while you were alive to help cover the bills.

There’s basically only two types of life insurance. There is term insurance and permanent insurance.

Term insurance is super easy to understand. Life insurance companies most commonly offer 10, 15, 20, and 30-year terms.

Your rates are typically much less than they would be for permanent insurance, and are guaranteed not to change for the length of your term. You may cancel your policy at any time if your situation changes and you no longer have the need for life insurance.

Permanent insurance is more complex. There are different types of permanent insurance which can all be designed to accomplish different objectives. In the most simplistic terms though, think of permanent insurance as coverage that will stay in force for life no matter how long you live.

So, which is better? Term or Permanent?

Answer: it depends on your situation. Everyone's situation is unique.


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Investment advisory services offered through Brookstone Capital Management, LLC (BCM), a registered investment advisor. BCM and Cravitz Financial & Insurance Solutions are independent of each other. The content of this website is provided for informational purposes only and is not a solicitation or recommendation of any investment strategy. Investments and/or investment strategies involve risk including the possible loss of principal. There is no assurance that any investment strategy will achieve its objectives. Information provided is not intended as tax or legal advice, and should not be relied on as such. You are encouraged to seek tax or legal advice from an independent professional.  Insurance products and services are not offered through BCM but are offered and sold through individually licensed and appointed agents.  CA Insurance License #0C86000.

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