Risk Management
Life is full of unexpected events.  While life certainly has its fair share of pleasant surprises, there are many unforeseen events that can leave us unprepared to deal with an unexpected loss.  The untimely death of a loved one can bring about numerous emotions; from denial, to anger, to sorrow, anguish, and finally to fear.  The fear of being unable to meet financial obligations is unfortunately an all-too-common situation that many people find themselves in following the death of a spouse or parent.

If you were to die tomorrow, would your loved ones who depend on you for income and support be provided for?  Seriously consider this question.  No one likes to think about unfortunate life events, particularly when it involves their own mortality.  However, it is essential to plan well so that a sudden loss doesnít bring needless pain and worry to those who depend on you.

Life Insurance

The decision of whether or not to purchase life insurance is ultimately a selfless one.  A life insurance policy is not for you.  Itís for those around you who you love the most and depend on you.  If theyíre left behind in the event of your death, the life insurance policy can be a lifeline that pays expensive funeral costs, outstanding debts, any estate taxes, and provides income for your loved ones.

Long-Term Care Insurance

Of equal concern is the need to consider whether long-term care (LTC) insurance should be a part of your life plan.  Some financial planners feel that most of their clients are fairly affluent and have enough money to self-insure for long-term care.  That National Underwriter Company recently conducted a survey of adults near retirement with incomes over $150,000 as well as current retirees with investable assets over $1 million.  Of those people surveyed, over 1 in 3 listed long-term care as an immediate threat to their family wealth.  The many abuses of Medicaid by wealthy individuals demonstrate that, when it comes time to actually pay the bills, they donít want to self-insure.  No one wants to write checks for thousands of dollars per month fro LTC when an insurance company can do it instead.  Unfortunately, many people only realize this mistake once itís too late.

Gary A. Dossick & Associates, Inc. specializes in assisting individuals and families with assessing their needs for life insurance.  In certain instances, a life insurance policy can be a critical part of a well-rounded financial and life plan.  We can help you to determine whether life insurance is suitable for you and your family and what kind of policy will be best suited to your particular needs.

We welcome you to contact us for a thorough review of your financial life and to see whether a life insurance and/or a long-term policy may be a good fit for you.