What happens when an unfunded buy-sell agreement has been triggered for 20% of a $2 million small business?
The actual cash needed out of pocket can be 50% greater than the payment after taxes of profits. Over 5 years to fund the cost of buying just 20% of the business would require over $687,000 in profit at a tax rate of 35%. If profit margins are only 5%, this would require new sales of more than $13,700,000. Life and disability insurance can fund this liability at a reasonable cost.
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Life Insurance Selling. A Summit Business Media publication.
Long Term Care Insurance
November has been declared Long-Term Care Awareness Month because even the U.S. Congress recognizes the importance of making people aware of the risks and costs associated with long-term care.
For a free quote from the leading Long Term Care insurance companies fill out this form.
Some things you need to know about long-term care:
You’re probably not covered. Many people mistakenly believe they are covered for long-term care, but this assistance is not typically covered by your health or long-term disability insurance. Government programs aren’t designed to pay for all your long-term care needs. Medicare only pays for skilled care, while Medicaid only covers the very poor – those whose assets are at or below state-required levels. These programs often don’t cover care provided in your own home. A typical nursing home in the New York Metro area costs $350 per day. Your retirement nest egg can be rapidly depleted without insurance. Long-term care doesn’t mean nursing home care. In fact, the majority of people who need long-term care remain in their own home or in their community. Most long-term care insurance policies will cover people in all care settings including the home. That’s a significant benefit.
Your age and health make a big difference in what protection costs.
Many people put off looking into long-term care insurance protection. Waiting to plan can be a mistake because the cost of insurance is based on your age, increasing as you get older. Your health is also a most important factor. Waiting to plan can be a costly mistake because a change in your health can make you ineligible for this protection (no matter how much you are willing to pay).
Why not find out how much long-term care insurance protection costs?
There is no cost or obligation to find out how much long-term care insurance protection costs. Why not find out now. It’s an important first-step to take. Call today, 212.579.2613, email info@NOWtoNEXT.com or fill out the form at the top of the page.
Make Long-Term Care Insurance the foundation that protects your retirement nest egg.
Insurance
It is our experience that clients are often over or under insured. Not insuring or “self-insuring” risk can be devastating financially. At the same time maintaining insurance on risks that can be individually borne is a waste of resources. Our planning process assesses your risks and we endeavor to minimize insurance expenditures, while at the same time identifying and mitigating risk.
Foresight Advisors offers insurance products from the industry’s highest-rated and most competitive carriers.
- LIFE INSURANCE
- GROUP HEALTH
- DENTAL
- ANNUITIES
- LONG TERM CARE
- LIFE SETTLEMENTS
- DISABILITY
- Own Occupation Policies
- Impaired Risk
- Business Overhead Expense
- Disability Buy-Sell and Key Person
- ADVANCED MARKETS
