Life Insurance: Important Things to Look for

There are four options for paying long-term care expenses

Get Life Long Income from Fixed Annuties

Index Universal Life insurance for more flexibility.

Are you interested in adding more security and flexibilty into your financial future? You can accomplish this by investing in a life insurance policy that has attached living benefit riders. Living benefits gives both you and your loved ones the added protection against life's unexpected expenses. A life policy with living benefits covers the insured with the traditional death benefit, but it also provides an option to access this death benefit--without dying, in order to cover the costs associated with a chronic or critical illness or injury. Many choose to invest in a long-term care policy to help mitigate the costs assocated with critical care, but what many people don't know is that most LTC policies have a "use it or lose it" feature, but this is not the case with life insurance with living benefits. If your health issue is a qualifying condition, your life policy will advance a portion of your death benefit for you to use as you see fit. For example, you could use the funds to pay any existing costs associated with your illness or injury, or use it for monthly bills. Whatever you choose to use for, you are in control. If your current life insurance policy does not have attached living benefit riders, then it's time to look at replacing that policy with one that does provide the flexibility and security you need for your financial future. For more information on life insurance with living benefits, visit: www.bjfinsuranceservices.com.

You may wonder if you have enough money set aside to be financially independent during your golden years. Do you have enough for retirement? Statistically, more than 1 in three 65 year old's today will live to age 90. With the average annual Social Security benefit of around $17,736, many workers are not confident they will have enough for medical expenses during retirement. The potential impact of healthcare costs on your retirement assets could be devastating. When it comes to the cost of healthcare as we age, keep in mind: Over 8.3 million people needed long-term care in 2016 The median monthly cost for an assisted living facility is around $4,051 1 in 10 people age 65 and over has Alzheimer's dementia With life insurance protection, you can supplement and protect your assets to help you avoid being financially dependent on others. Investing in a life policy with living benefits gives you a wider range of flexible features and options to help address your unique retirement concerns. Let BJF Insurance services help you secure your desired retirement plan. Visit www.bjfinsuranceservices.com to learn more.

The earlier you start planning and saving for your retirement, the better prepared you will be in reaching your financial goals in life. The following is a timeline that you can use to help you reach those important financial goals in retirement: 40 Years Until Retirement: Establish a systematic savings and investment plan by contributing to a 401 (k) or IRA; Pay down your student loans; Purchase a permanent life insurance policy; Formulate your retirement plan. 30 Years Until Retirement: Continue asset growth and portfolio diversification. Increase 401 (k) contributions; Make extra mortgage payments; Start a Roth IRA; Consider investing in a disability insurance policy. 20 Years Until Retirement: Time to develop a written retirement plan that includes paying off debts; Increasing retirement savings; Increasing the funding of life insurance policies; Maximizing your 401(k) or IRA contributions. 10 Years Until Retirement: Determine when you want to retire. Consider tax-deferred annuities; Look into long-term care insurance or life insurance with living benefits; Establish a legacy plan. 5 Years Unil Retirement: Fine-tune your retirement plan by consolidating IRA and 401(k) accounts; Determine retirement income strategy; Determine Social Security income strategy; Re-evaluate permanent life insurance and legacy options. Remember, it's never too early to start planning for your retirement. Contact BJF Insurance Services.com for more information regarding the road to retirement.

Financial security is important during your retirement years. Consider Fixed Index Annuities as part of your financial plan.

What would happen if you were suddenly unable to work due to an illness or serious accident? How would you pay your monthly bills? Here are some quick stats regarding disability in the United States: • 1 in 4 will become disabled before reaching age 67 • 56 million Americans live with a disability • 1 in 10 live with a severe disability • 7 in 10 working Americans could not make it a month before financial difficulties set in Your income pays for all of life’s necessities such as your mortgage, car payment, food and other monthly bills and protecting that paycheck is quite important for your financial security. One way to help protect your paycheck is buy owning disability income insurance. Disability income insurance provides you with monthly payments when you are unable to work due to illness or injury. Just like you pay for auto and homeowner’s insurance, you would pay a monthly premium for disability income insurance. By using your disability insurance to help cover every day living expenses, it helps you to avoid tapping into your savings and/or retirement assets. There are two basic types of disability income insurance coverage: 1. Short-term DI-Which pays benefits for short durations such as 3 months, six months or one year, after a short waiting period. This type of policy can be purchased privately (individual coverage) or in a group policy (from your employer). 2. Long-term DI-Coverage has a longer duration with a waiting period of at least 90 days. Benefits are typically paid 2, 5 or 10 years to age 65 or in some cases, for life, depending on how the policy is written. The longer duration of policy benefit, the higher the cost (premium). Both short-term and long-term coverage can be obtained either through employer sponsored coverage or purchased privately as individual disability insurance . Employer Sponsored Disability Insurance: To help provide income during a disability, many employers offer their employees group disability insurance coverage, either short-term or long-term, as part of their benefit package. Because this coverage is obtained through your employer, the coverage does not go with you if you were to leave your job or lose your job. Since disability insurance through an employer is under a group plan, the cost of coverage can change year to year. Group coverage covers all eligible employees regardless of their health status. Individual Disability Insurance: Is considered private insurance because it is purchased outside of a group plan. It can be used as a supplemental plan to a current group plan or on its own. Unlike group disability coverage, private disability insurance is underwritten, which could impact premiums costs. Even though individual disability insurance can cost a little more than standard group coverage, the benefits and costs are contractually guaranteed even if you change jobs. The coverage is usually more comprehensive as well. Individual disability insurance can sometimes be a tough policy to underwrite because the insurance carrier takes into consideration the applicants age, health, gender, type of occupation and income, whereas group coverage takes every employee that is eligible for coverage regardless of their health, age, etc. Protecting your financial security is important. Your income is a necessity and being without it could pose serious financial consequences for you and your family. Most individual disability income insurance policies offer coverage that’s flexible. Let BJF Insurance Services customize a disability insurance plan that fits your specific needs and budget with the ability to modify it as your needs change in the future.

Buying a life insurance policy for first time can be confusing due to the options available. here is a guide for you to choose the best possible life insurance for you and achieve maximum available benefits.