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Haughn & Associates (H&A) has a dedicated staff to design and service individual customized insurance programs for you and your family, including Life and Disability coverage. We are here to listen to your goals and guide you in protecting your family should a life-changing event occur that upends future plans and security. We know how important it is to take care of those that matter most to you.
A trusted advisor will help you make an informed decision on selecting the optimal Life insurance plan for you based on your needs. Among the products we will discuss with you are:
A Term Life policy is a straight insurance policy with no savings component. You’re buying coverage that lasts for a set period of time provided you pay the monthly premium. Term Life may be a good choice for young families who have a large need for Life insurance but are on a tight budget. In the event of your untimely death, a policy can help provide your beneficiaries with funds to sustain their daily financial needs, pay off family debts, or hire outside care previously provided by you. Term insurance is inexpensive and the policies we offer can be converted to permanent insurance regardless of one’s health.
Whole Life is permanent insurance that can also build cash value as a portion of your premium payments is funneled into a savings component of the policy. In most cases, the premium and death benefit stay constant for the duration of a Whole Life policy. With fixed premiums and a fixed death benefit, you likely won’t have to worry about cost increases as you get older, and your loved ones will know the amount of Life insurance proceeds to expect when you do pass on.
A Whole Life insurance policy can be purchased by itself or as a supplement to Term Life coverage. It is often purchased to cover financial needs that individuals anticipate have very late in life, after the typical Term Life policy has expired. It can be used to fund business buyouts so that a family business or the insured’s stake in another business doesn’t have to be sold off, but rather can be bought out by the next generation. It can also be used to help beneficiaries pay taxes on what they inherit from the insured.
Some people use Whole Life insurance to fund trusts for grandchildren or to leave a legacy gift to a favorite organization or charity. Others use smaller Whole Life policies just to make sure there is enough money in the pipeline to pay off any debts and all final expenses, as funerals alone cost many thousands of dollars.
A Universal Life policy is a type of permanent insurance and combines lifelong protection with a savings component known as cash value. In addition to having lifelong protection, you can withdraw money or borrow against the policy, your cash value earns interest, you have flexibility with premiums as long as the cash value can cover the costs, and you can adjust the death benefit.
You may have Group Disability insurance through your employer, which will help you protect your income in the event that you become disabled. The typical maximum coverage is about 60% of your gross income. If your employer is paying the premiums, the benefits are taxable. If you leave your employer, you may not be able to take your Disability policy with you. You may be self-employed which means you would not have any Disability insurance other than that provided by Social Security. Either way, it’s a prudent act to look at and carefully consider Individual Disability insurance. It can either supplement your Group coverage (filling in the gap between the employer-sponsored plan and what you truly need to survive), or add to your arsenal of income protection resources if you’re ever solely relying on state Disability.
We offer Long-Term Disability insurance, which kicks in after an elimination period (typically at least 90 days), and will provide you with benefits up to age 65, or for the remaining duration of your lifetime. Long-Term Disability is intended to cover catastrophic claims that last a long period of time.
At Haughn & Associates (H&A), our core values and principles of integrity, honesty, dependability, innovation, and collaboration shape who we are and guide us; they ultimately allow our team to provide our clients with high-quality insurance products and an unparalleled level of superior service. Each business, family, and individual is given the personalized attention needed to design the right fit of insurance and risk management protection for your insurance package.
