Insurance Strategies
Insurance is a term people often use but not one they always understand. For customers, insurance companies offer a contract (known as a policy) whereby an individual or corporation receives a promise of reimbursement against possible losses in exchange for a premium. Insurance companies pool risk this way; that means that, in the event an insurance company has to pay out a claim, the company is still bringing in revenue.¹
There are several types of insurance. Some of them—like life insurance—are straightforward. Yet, even in life insurance, there are many things to consider, like term vs. whole life. Other types of insurance, such as fixed indexed annuity contracts, might require even more explanation. You can buy insurance for your car, home, boat, or business. You can also buy insurance for things like needing long-term care in retirement, liability insurance for your business, disability insurance for your profession, and Medicare gap coverage.
People often talk about insurance as “protection,” but it’s really a form of risk mitigation. It ensures that, no matter what twists and turns come with life, clients don’t face their risks flat-footed. Nothing can protect you from risk. However, with a thoughtful, proactive, and detailed insurance plan (as part of a comprehensive financial plan), you may find yourself with more options than you would have had without insurance.
IRAs and IRA Rollovers. Keeping track of what you’ve saved for retirement is paramount to creating a plan going forward. You need to know where your money is, how much money you have, and how you can distribute it when you reach the age when you choose to retire. We can help you keep track of your accounts and roll them over if needed.
401(k) Distribution Options. Just like IRAs, 401(k) accounts need to be kept track of, and managed by the employee—they are not an employer’s responsibility. They’re your investment. We help you with your 401(k) and make sure it has a place and a purpose in your overall financial plan.
Legacy Planning. No one likes to think about estate or legacy planning—however, most people want to leave a legacy for their families and communities, if they can. We help you find a way to leave some impact on the world after you’re gone.
Life Insurance. Life insurance, as the saying goes, is for the living. We leverage a wide array of products and services (such as IUL or Whole Life) to make sure you’re using your money efficiently when it comes to coverage. Not every policy will be right for everyone. That’s why we look carefully at every option for individual clients.
Long-term Care. Not everyone has savings to cover the cost of nursing-home care, home-health care, or personal or adult care for people ages 65 and up. Some people fear facing a debilitating or chronic condition in retirement that depletes their savings and affects their legacy plans for their family. One option these people might have is long-term care insurance.
Retirement income planning. No two careers follow the same trajectory. Following that, no two retirements are quite the same, either. Everyone will have different goals, needs, and strategies. We take the time to listen to your needs and formulate a plan to take you from the accumulation phase of your life to the distribution phase.
Social Security Claiming Strategies. Social Security is the United States’ federal “Old Age, Survivors, and Disability Insurance” (OASDI) program. It’s overseen by the Social Security Administration. The program is complicated, but we could help you determine a claiming strategy that works for you.
Tax-efficient Strategies. The U.S. tax code is a complicated document. We have strategies that we could help you with to implement the most tax-efficient version of your retirement income plan. Contact us to learn more about these strategies and if they’re right for your situation.
*ECS Capital Investments INC. and LPL Financial do not provide legal advice or tax services. Please consult your legal advisor or tax advisor regarding your specific situation.
Securities offered through LPL Financial, Member FINRA/SIPC. Investment advice offered through Mariner Independent Advisor Network, a registered investment advisor. Mariner Independent Advisor Network and ECS Capital Investments, Inc are separate entities from LPL Financial.
The financial professionals associated with LPL Financial may discuss and/or transact business only wih residents of the sttes in which they are properly regisrered or licensed. No offers may be made or accepted from any resident of any state.
