As part of our comprehensive financial planning service, Financial Innovations, LLC reviews our clients’ portfolio of insurance coverage, including life, disability, health care, home, personal property, and auto.
Life Insurance -- We analyze each client’s coverage needs as well as the type of life insurance already owned. In addition, we assess the cost of existing policies, since prices may have dropped over the years. After this evaluation, we recommend the amount and type of life insurance that is suitable for the client’s circumstances.
Disability Insurance – This coverage is very important for most people. We analyze the type and amount of disability coverage you may have at work to determine if it is sufficient. In some cases we recommend additional disability insurance from a source other than the employer. For entrepreneurs and professionals who own their own practices, we recommend disability coverage that reflects their needs and responsibilities.
Long Term Health Care Insurance – This insurance provides benefits for in-home health care and residency in a nursing home. Long term care coverage is distinct from health insurance. We assess the client’s family situation to determine if a member who is likely to remain financially dependent on the client is eligible for this type of insurance. Also, many clients purchase this coverage so that if one spouse becomes disabled, the other spouse can live comfortably, since the supplementary income of the policy prevents all of the family’s financial resources from being drained.
Health Care Insurance – Health care is a challenge for most people in today’s society. We assist in evaluating our clients’ needs and existing benefits. Where necessary, we call on experts affiliated with our firm to assist the client in evaluating options and making decisions regarding health care insurance.
Financial Innovations, LLC is not licensed in property and casualty insurance, although we review deductibles on our clients’ policies and evaluate whether an umbrella policy is advisable and what amount the client should request from his or her agent.