What’s your greatest asset? How do you grow and protect it?
When you think of your greatest asset is it your loving
family, your ability to earn an income, your professional
excellence, your resilient health, your precious time on
Many people say that their home is their greatest asset.
If they have a mortgage on their home, they often are
concerned how they’d make mortgage payments
if they became ill or disabled and couldn’t work
short or long term, or if they passed away leaving a
mortgage for their family to pay.
What are affordable ways to solve these concerns
and live life your way?
Consider 4 solutions suggested by Anne Morgan,
a licensed, certified wealth protection advisor
for a fortune 400 company.
4 Ways To Protect Your Income and Assets
Against Life’s Challenges
1. Protect your income against loss from not
working due to illness or injury by choosing
disability income protection.
You may protect up to 80% of your income for a
selected number of months or years.
For example, you may have six months paid leave
through work benefits, but an injury or illness
requires you take two years off work while you
Disability Insurance covers that income gap by
paying you up to 80% of your annual income
for your two year recovery to help you stay in
your home and pay your mortgage and other
ongoing expenses to maintain your lifestyle.
How do you qualify for Disability Protection?
Your age, job risk, the amount of income needed to
protect and for how long determine your rate.
For example, a pilot instructor has a higher job
risk and higher rate than an office accountant.
Your health history also determines if you qualify
for disability protection. Your advisor designs a
custom Disability Protection Plan to work within
2. Protect your home mortgage against untimely
death with protection on your life and your spouse’s.
The amount of life protection you choose may be
approved up to 30 times your annual family income
to help support the family and lifestyle for up to 30
Or you may protect mortgage payments for the
number of years needed to pay off the mortgage.
For example, if you choose a 30 year, $500,000
mortgage, you may want to purchase $500,000 in
life protection over a 30 year term.
If death occurs during the 30 year term, then your
beneficiary immediately would receive a $500,000
tax free payment, which avoids probate.
Term life protection designed to cover a 20 or 30
year mortgage is the most affordable.
Many insurance companies allow the insured to
convert their term into permanent life insurance
at their original health rating.
Permanent life protection often provides living
benefits that you may use in your lifetime, including:
* accelerated terminal illness payment
* chronic illness care payments
* return of premiums paid upon policy surrender
* wealth accumulation and income distribution
benefits that supplement your retirement income
or fund personal or business expenses as needed.
How do you qualify for Life Insurance?
Your health history and age determine if you
qualify for term or permanent life protection and
at what premium rate. Your advisor will custom
design a protection plan to fit your budget.
3. Protect your mortgage and lifestyle against the
high cost of treatment for serious conditions like
cancer, heart attack, stroke or Alzheimers with
critical illness insurance.
Each policy pays a lump-sum benefit upon first
diagnosis—from $10,000 to $100,000, depending on
the amount you select. This money may be used
however you choose to:
* Help cover lost income while you or
your spouse are unable to work
* Keep up with ongoing expenses
* Pay health insurance deductibles or copays
* Hire home care services or child care
* Travel to receive treatment
How do you qualify for critical illness insurance?
Your age and health history determine if you
qualify. For example, if you’ve recovered from
cancer, you may not qualify for cancer insurance;
however this may not affect your ability to qualify
for heart attack/stroke insurance.
The good news is that more people are surviving
serious conditions like the ones covered by
critical illness insurance. Designed with your
recovery in mind, this insurance provides peace of
mind and lump sum payments when you need
them the most.
Your advisor will custom design a critical illness
protection plan to fit your budget. You also have
the option to cover your family with critical
4. Protect your mortgage, hard-earned assets and
retirement income against the high cost of long
term care services with Long Term Care Insurance.
Even though we’re living longer, healthier lives,
70 percent of people will need long term care
services at some point.
The time to qualify for long term care insurance is
long before you ever develop an illness or suffer
an injury that require long term care services in
your home, in an assisted living facility or in a
How do you qualify to go on long term care claim?
Your medical doctor will prescribe long term care
services when you need help with two out of six
activities of daily living, which include feeding,
dressing, showering, toileting/continence, getting
in/out of bed or chair, taking medications.
A smart long term care insurance plan includes a
no-wait home health care rider which allows
you to begin receiving care with the guidance of a
care coordinator the day after your doctor
prescribes it, instead of waiting till you have had
90 long term care service days before you can go
Also be sure that your long term care insurance
plan allows you to use your chosen amount of
coverage throughout your lifetime, instead of
being forced to use it or lose it within 3-5 years
after you first went on claim if you’ve recovered
and no longer need services. The latter scenario
makes the insured feel angry, cheated, and
penalized for recovering from the need for
long term care services.
No long term care premium payments are made
while on claim, receiving long term care service
payments. The goal is to resume paying premiums
after going off claim in order to keep all unused
benefit amounts available for future long term
What if you’re in the fortunate 30 percent of
people who won’t need to use long term care
services in your lifetime?
That’s something you won’t find out until facing
the end of life. Yet you may protect against the
70% probability that you will need some sort of
long term care services by buying a return of
premium at death minus claims rider with your
long term care insurance plan.
With that insurance and rider, you’ve protected
your assets and retirement income against the
high cost of long term care services if needed.
If these services aren’t needed, the return of
premium at death minus claims rider provides
your beneficiary with a payment of up to
100 percent of premiums paid. This return of
premium rider typically must be purchased
with long term care insurance before the
insured reaches age 65.
Your advisor will custom design an affordable long
term care protection plan which insures that you
live life your way with dignity and avoid spending
retirement assets or burdening family for the
long term care services you desire and deserve.
And as a wealth growth and protection advisor,
Anne Morgan loves making sure people have money
when they need it the most.
Schedule your no-obligation consult with Anne Morgan
by phone or skype at OakBrookWealthProtection.com
You definitely will recognize her photo there.
And how do you grow and protect love in your life?