Insurance is something most people only think of when they buy a car, a house, or go to the doctor. While those are some of the common risks that are covered by insurance, there are plenty more. Despite the joke at the top of the page, insurance is something we all need for almost every aspect of out lives.
Some insurance products can provide tax-deferred income, others participate in the stock market, some allow you to take funds out for education, retirement, or accumulate to get a bigger death benefit. What if you were to die prematurely? How will you pay for your mortgage, take care of your spouse and children? Will your kids be going to college? Using life insurance can be a great way to fund these events and take care of your loved ones.
What if you get hurt and can’t work anymore, need rehabilitation services, assisted living or a nursing home? We can review your options from government assistance to funding it yourself.
How about your business? Who is going to take care of the company when you are gone or disabled. Selecting the right insurance product to fund a buy out of a partner’s shares or find a suitable replacement for you in the event of a death or disability is not only smart, but it’s the prudent thing to do. If done right you can minimize tax liability to you, your company, or your family.
Mullooly Wealth Planning is neither an insurance agent or broker and receives no fees for recommending insurance products. We will work with your current insurance professional (or recommend one if you do not have one) to develop the right mix of products for you.
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