RISK MANAGEMENT AND INSURANCE

When it comes to choosing insurance plans, do you feel like a lost ball in high weeds? Having a financial advisor—one who is specially trained in insurance—can help you get through the “weeds.” David Haas, owner of Cereus Financial Advisors, is licensed for life, disability, health, and long-term care insurance in multiple states. While everyone needs insurance, everyone's insurance needs are different. It is important that you have the right amount of the right kind of insurance.

  • Disability Insurance - If your income is dependent on your active work, then you need disability insurance to protect against loss of income if you become disabled and can no longer work. For many people, disability insurance is more important than life insurance to protect against loss. According to the Social Security Administration, more than 1-in-4 20-year-olds become disabled before reaching retirement age. When you are disabled and can't work, not only are not earning income, but you are probably incurring extra expenses because of your disability. Disability insurance can pay you a replacement for your income, which pays for your normal expenses and stops you from having to deplete your savings because of your disability. See the following links for much more detailed information on disability insurance:
  • Life Insurance - If you have dependents who count on your income or if you have a mortgage, car loan, or other debt, then you probably need life insurance. The life insurance industry is complex because the industry sells their products as both life insurance and savings. Additionally, tax laws around life insurance payouts are complicated. Term Life Insurance is the most basic type of life insurance. When you need pure life insurance for a limited period of time (such as the time from when your children are born to the time they finish college), term life insurance is an extremely inexpensive and efficient product. When your insurance needs are more permanent or when you are likely to need insurance when you are over 70 (and term products become very expensive), then you need to look at permanent life insurance. There are two basic types: Whole Life and Universal Life. See some of the links below for more information on life insurance:
  • Annuities - Annuities are insurance products which sometimes look like investment products. They can be confusing and are often sold for the wrong reasons. Luckily, David Haas has written a guide to annuities which can help you understand them.

There is no one-size-fits-all insurance plan, and insurance plans can be tricky to figure out on your own. The advisors at Cereus Financial can help you disentangle the insurance industry and determine which plans are right for you.

 

  • Life Insurance Basics – Presentation
  • Private Health Coverage: Policy Types and Provisions – Topic Discussion
  • Health Care in Retirement – Topic Discussion
  • Medicare – Topic Discussion
  • Disability Insurance Basics – Presentation
  • Five Questions About Long Term Care – Concept Piece
  • Long Term Care Insurance (LTCI) – Topic Discussion
  • Property and Casualty and Liability Insurance – Topic Discussion
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