Disability Insurance | Life Insurance | Long-Term Care Insurance |
| Disability income insurance is designed to protect against financial disaster. Individual long-term disability insurance insures personal income in the event of illness or injury. It pays a predetermined amount, usually a monthly benefit of approximately 50-60 percent of earned income, if the insured is no longer able to work. Statistically, the risk of becoming permanently disabled is much higher than the risk of premature death. Moreover, when an individual dies prematurely, he or she no longer earns an income or consumes assets. With a permanent disability, the individual (and his or her family) loses income and still needs and uses assets to live. There is also a good chance that medical costs will increase, placing further financial burdens on everyone in the family. With all of these factors in mind, you may want to talk with your advisor about disability insurance to weigh the possibilities and find the right option for you and your loved ones. | People buy life insurance for different reasons, so it’s no wonder that there are a variety of options from which to choose. To find out which insurance product may work best for you, identify the reason that you want to buy life insurance. Most often, people buy life insurance to replace the income of the insured. Others purchase a policy to cover the many costs associated with death. Finally, besides being a way to replace income or pay off debts, life insurance can serve as a tax-efficient vehicle for saving and investment. Whatever policy you may choose, it is important that we work together periodically to review your insurance, thus ensuring that the coverage continues to meet your ever-changing needs. | As life expectancy increases, many more people will require long-term care. Frequently, this takes the form of custodial care—that is, help with the activities of daily living, either provided by an in-home caregiver or in an assisted living facility or nursing home. Most health insurance programs, including Medicare, do not cover custodial care, and Medicaid is limited to low-income seniors. Because paying for long-term care impoverishes many seniors, however, Medicaid ends up footing much of the long-term care bill. |
Fixed insurance products and services serviced through Weller Financial Group and KAFL, Inc. are separate and unrelated to Commonwealth.