*Insurance Planning

Although the basic purpose of Life Insurance is to provide your dependents with a continuing source of income if you die, it also offers other financial benefits:

• Maintain your family's standard of living
• Pay off the mortgage on your home
• Pay off any outstanding debts
• Provide for your children's education
• Pay off any outstanding taxes

The two major categories of life insurance products are Term and Permanent. Term is usually designed to address temporary needs and buys you protection of a specific period of time or "term," whereas permanent life insurance is used for permanent needs, such as providing income for survivors, funeral expenses, capital gains taxes on investments, charitable giving or passing a business to the next generation.

Whole Life Insurance

Whole life insurance is a type of permanent insurance that provides lifetime protection for a level premium. Depending on the plan, whole life insurance spreads the cost of insurance either over the lifetime of the policy or over a limited period of time.

Universal Life Insurance

Universal life insurance plans provide lifetime coverage and feature an investment component. The investment component is partially sheltered from taxes and the savings in a universal life plan is controlled by you, not the insurance company.

Living Benefits Insurance

Living benefits insurance is a unique kind of insurance. It pays the benefit to you while you are alive. This is different from traditional life insurance which pays the benefit to your beneficiary after your death.

Disability Insurance

There is a greater chance you will suffer a disability rather than die before the age of 65. If you become disabled, your ability to earn income may be compromised and your ability to pay bills or save for retirement may decline. Disability insurance plans are designed to help you meet your income requirements so you can concentrate on recovering from your disability and returning to an active life.

Critical Illness Insurance

Getting sick is not something any of us like to think about, but it does happen. Treating and coping with critical illness can mean significant and often unexpected costs. Critical illness insurance is designed to help survivors of illness regain their physical and financial health. The benefit can be used for immediate health-related expenses not covered by group plans and other financial matters such as replacing lost income, paying out mortgages and looking after business needs.

Long Term Care Insurance

We all plan on being healthy throughout our lifetime, but sometimes getting older can prevent us from doing things that we now take for granted. Part of planning means considering the possibility that you may need long-term care. Some assistance may be provided by extended health care plans, but in many cases they fall short. Long term care insurance provides you with the service and support you need to maintain your day-to-day activities should a chronic illness or cognitive impairment keep you from being able to take care of yourself.

Talk to your Burgeonvest Insurance Corporation (BIC) representative or your Bick Financial Advisor to discuss your insurance needs as part of a comprehensive financial plan.

¹Strategies that involves the use of insurance and related products and services are offered by licensed representatives operating through our sister firm Burgeonvest Insurance Corporation.