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Insurance Services

As your personal and financial situations evolve, it is important that you are prepared to meet your changing needs with adequate resources. The type of insurance policy you purchase will depend on your current needs, budget, and cash value accumulation goals.

At Workman & Associates, we offer Disability, Life Insurance (Term, Universal, Variable Universal, and Whole Life), and Long-Term Care insurance.

I invite you to contact me for a comprehensive assessment of the options available for you and your family. Together, we can review your coverage needs and explore options that would allow you to build equity for the future.

Learn more about:

Term Life Insurance

Term Life insurance provides death-benefit protection for a stated time period with a level premium payment. Terms periods may be 10,15, 20, 25, 30 years, depending on the carrier.

Benefits

  • Cover a larger, temporary risk
  • Low-cost, flexible product that may be convertible as needs change
  • Level premium payments

Universal life

Universal Life Insurance, known as UL, is a flexible-premium, adjustable benefit life insurance policy that can also accumulate account value. Premiums and values are based on projections of assumed interest rates, the cost of insurance and the insurance company’s expenses.

Please keep in mind insurance companies alone determine insurability, and some people, for their own health or lifestyle reasons, are deemed uninsurable.

Disability Insurance

Your most valuable asset is your ability to earn a living. Plans for the future-from buying a home, paying for college, to building a retirement nest egg-are based on the assumption the paychecks will continue until retirement. But what would happen if those paychecks stopped? That’s where disability insurance comes in. It provides a tax-free income as a salary replacement when unable to work because of illness or injury.

The financial consequences of a lengthy disability could literally cost millions. A 40-year-old worker who makes $75,000 a year and suffers a permanent disability could lose over $2 million in future earnings. People don’t hesitate to insure their homes, cars or other valuable possessions, so why not insure something that is much more valuable than all those things?

Benefits

  • Disability insurance is designed to pay monetary benefits when an illness or injury prevents the insured for earning income. In this respect, it is an income replacement policy, which pays money when a disability arises from a cause recognized by the policy.
  • Monthly Income Benefits are paid out income-tax free.
  • A personal disability income policy is portable allowing the insured to keep it if they change jobs, as opposed to Group LTD.

Please keep in mind insurance companies alone determine insurability, and some people, for their own health or lifestyle reasons, are deemed uninsurable.

This information is not intended to be a substitute for specific individualized tax advice.  We suggest that you discuss your specific tax issues with a qualified tax advisor.

Disability Insurance

Your most valuable asset is your ability to earn a living. Plans for the future-from buying a home, paying for college, to building a retirement nest egg-are based on the assumption the paychecks will continue until retirement. But what would happen if those paychecks stopped? That’s where disability insurance comes in. It provides a tax-free income as a salary replacement when unable to work because of illness or injury.

The financial consequences of a lengthy disability could literally cost millions. A 40-year-old worker who makes $75,000 a year and suffers a permanent disability could lose over $2 million in future earnings. People don’t hesitate to insure their homes, cars or other valuable possessions, so why not insure something that is much more valuable than all those things?

Benefits

  • Disability insurance is designed to pay monetary benefits when an illness or injury prevents the insured for earning income. In this respect, it is an income replacement policy, which pays money when a disability arises from a cause recognized by the policy.
  • Monthly Income Benefits are paid out income-tax free.
  • A personal disability income policy is portable allowing the insured to keep it if they change jobs, as opposed to Group LTD.

Please keep in mind insurance companies alone determine insurability, and some people, for their own health or lifestyle reasons, are deemed uninsurable.

This information is not intended to be a substitute for specific individualized tax advice.  We suggest that you discuss your specific tax issues with a qualified tax advisor.

Long-Term Care Insurance

What Is Long-Term Care?

Long-term care (LTC) goes beyond medical care to include all the assistance you could need if you ever have a chronic illness or disability that leaves you unable to care for yourself for an extended period of time (longer than 90 days). While older people generally require the most long-term care services, 40% of long-term care claims are paid to someone under the age of 64.A young or middle-aged person who has suffered a debilitating illness or accident may also require care.

Where Can You Receive Care?

  1. At home
  2. Assisted-living facility
  3. Services in community facilities
  4. Skilled nursing facility

Ways to Fund Your Long-Term Care Plan

Traditional LTC Insurance

These policies offer flexibility in benefits to help you design a plan that address your specific needs. It also may limit out-of-pocket expenses. Good health and partner discounts help reduce the cost of these premiums. Traditional LTC insurance policies may qualify for your state’s Partnership Program, which means that every dollar in benefits paid from a long-term care policy will allow you to protect a dollar of your assets should you ever need to qualify for Medicaid. Please consult with your financial advisor on how the Partnership Program may benefit you. All traditional LTC products that LPL Insurance Associates offer are tax qualified; however, not all premiums are tax deductible.

Life Insurance with LTC Riders

Many insurance carriers are now offering a long-term care rider that acts as an added benefit to a permanent life insurance product. This type of policy is advantageous for those clients who are primarily looking for life insurance, because they are actually securing two forms of insurance in one package. Long-term care riders come at a cost and they allow you to use a percentage of your death benefit should you require long-term care instead.

Single Premium Life/Long-Term Care Insurance

These product options, also known as linked benefit products, may be your best option to self-insure. This product offers a simplified application process for life and long-term care. In the event you do not require long-term care, the death benefit will be paid income tax-free to your requested beneficiaries. Such products may also include Return of Premium features that returns the premiums paid for coverage if you survive the policy’s terms. Such producers may also include a return of premium feature. At any time you can request a return of premium upon full surrender of the policy. The amount received will be adjusted for any benefits paid and any loans and cash withdrawals, and it may have tax implications.

Source: LPL Financial – Guide to Long-Term Care Insurance

Please keep in mind insurance companies alone determine insurability, and some people, for their own health or lifestyle reasons, are deemed uninsurable.

This information is not intended to be a substitute for specific individualized tax advice.  We suggest that you discuss your specific tax issues with a qualified tax advisor.

Riders are additional guarantee options that are available to an annuity or life insurance contract holder.  Some riders are part of an existing contract, many others may carry additional charges and restrictions, and the policy holder should review their contract carefully before purchasing.  Guarantees are based on the claims paying ability of the issuing insurance company.

Contact Us

For more information about our insurance services, you can call our office at 1 (800) 533-4370 or 1 (574) 722-4222 You can also email us at sharon.musselman@lpl.com.

how to connect

Phone: 574-722-4222

Phone: 1-800-533-4370

sharon.musselman @lpl.com

Our office

1529 E Market Street, Logansport, IN 46947