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Life, Health, Disability, and Long-Term Care Insurance 

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Life, Health, Disability, and Long-Term Care Insurance

When you think about planning for the future, there’s a lot to consider. In addition to saving for retirement, there’s the process of creating an exit strategy for any family business you may own, creating an estate plan, and inventorying your assets. Another important consideration, regardless of your wealth, is purchasing the right insurance plans. Life, health, disability, and long-term care insurance are all types of insurance that may be important in your future. To learn more about these insurance types, reach out to our professionals at Top Investment Solutions today. 

Insurance Planning Is an Important Part of Planning for One’s Financial Future

While insurance planning may not be something that you’re thinking about while you’re young and healthy, it will become more and more important as you age. This is because a large percentage of people experience disability or illness that leaves them unable to work and earn an income, resulting in the need for at-home or nursing home care, or otherwise creating a large financial burden. Having a plan in place for financially affording the cost of care and the costs of living should the unexpected happen is an important part of responsible planning for the future and for your loved ones. 

Understanding the Basic Types of Insurance that Should Be Part of Your Plan

We recommend speaking to a professional about the different types of insurance that exist and what types of policies may be best for you based on your unique situation and needs. Some of the most common types of insurance that we often recommend to our clients include—

  • Life insurance. A life insurance policy is a type of insurance policy in which the insured person (policyholder) pays premiums over the course of their life. In exchange, the insurance company will pay out a death benefit to a named beneficiary in the event that the policyholder dies within the policy terms. This type of policy is especially important for parents with minor children. 
  • Health insurance. Having health insurance shouldn’t be a question. Even healthy people who don’t have a lot of medical expenses will go to the doctor at some point and may experience a health emergency. Paying for medical bills out of pocket could lead to financial ruin. 
  • Disability insurance. Disability insurance is a type of insurance policy that pays a covered individual a portion of their lost wages in the event that they experience an illness or injury that prevents them from returning to work and earning an income. 
  • Long-term care insurance. Finally, long-term care insurance is a type of insurance policy that pays for the costs of nursing homes or certain other types of care. Nursing homes can cost millions of dollars over the course of an elderly person’s remaining life; having an insurance policy in place that covers those costs may be crucial. 

Learn More About Insurance Planning Today

If you’re ready to learn more about insurance planning and how to prepare for your financial future, the professionals at Top Investment Solutions can help. Reach out to us today online or by phone to get started.

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This material is not a recommendation to buy, sell, hold, or roll over any asset, adopt an investment strategy, retain a specific investment manager or use a particular account type. It does not take into account the specific investment objectives, tax and financial condition or particular needs of any specific person. Investors should discuss their specific situation with their financial professional.

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