The primary purpose of insurance is to protect your dependents or business financially from a loss due to an unexpected event. At Savage and Associates we understand how insurance works.  We can help determine your risks and offer options to properly insure against those risks while managing the cost effectively.

There are many ways that insurance can provide a sense of security. A life insurance policy can provide a steady stream of income for your family. Policies can also provide liquid capital to pay estate taxes and other obligations. Long term care products are available to help plan for the future medical care costs. Disability insurance can meet your income needs when you are unable to work.

Term Life Insurance

Term Life insurance that provides protection for a specified period of time. Common policy periods are one year, five years, 10 years or until the insured reaches age 65 or 70. The policy doesn’t build up any of the nonforfeiture values associated with permanent life policies

Permanent Life Insurance

Permanent insurance provides lifelong protection, and the ability to accumulate cash value on a tax-deferred basis. Unlike term insurance, a permanent insurance policy will remain in force for as long as you continue to pay your premiums.

Key Man Insurance

Key Man life insurance protects the company in the event of the unexpected death or disability of a key employee. Some companies have employees who have specialized skills or knowledge that keeps the organization profitable. In order to function as a company and find a suitable replacement in the event of their passing, the company may benefit from a key man life insurance policy and the influx of cash such a policy would provide

Buy/Sell

A Buy-Sell agreement takes into consideration the expectations of a business if one of the business partners should die. With the Entity Plan, it is the corporation that buys the interest of the deceased business owner. This type of plan often gets used when there are more than two owners. A Cross-Purchase Plan is similar but is generally used in a partnership (two owners). Under this plan, each surviving owner agrees to buy the interest of the deceased owner. A Buy-Sell plan can be funded in one of four ways: cash, installment, loan, or insurance method. Funding with cash requires having the necessary funds available, which often may not be the case. The installment plan can, likewise, drain the surviving family’s income, and is dependent on future business performance. The loan method assumes that the new owner(s) can obtain a business loan, which may not be a viable option. Furthermore, borrowing the purchase price requires that future business income be used to repay the loan, plus interest. Therefore, the best way to fund a Buy-Sell plan is with life insurance

Long Term Care Insurance

Most young, healthy individuals don’t want to think about long-term care insurance. But the reality is that as Americans live longer, the need for long-term care insurance is greater. It is important to consider long-term care insurance before you or a loved one is sick and in need of the care because the preparation will make an often difficult time a little easier. The insurance will also be more cost effective if you plan ahead.

Disability Insurance

Disability insurance is often overlooked when determining the amount of coverage that is vital to the average person. However, consider this fact: one in three American workers will be unable to perform their job duties for at least 90 days in their working career. Disability insurance can protect you and your family’s financial well-being when you are unable to work.

Enrolling in the Healthcare Exchange

Obtaining health insurance is not only important to protect yourself and your family from unexpected illness, it is also required by healthcare reform law. Effective January 2014, as part of the Affordable Care Act, all people who live in the U.S. legally must purchase a minimum amount of health insurance coverage, unless they qualify for an individual exemption.

We can help you decide which health plan will fit your needs and make enrolling in healthcare a less difficult task.  Our agents are available to guide you through the processLearn More

What can I expect when I meet a Savage and Associates insurance advisor?

  • Life insurance is the foundation for many financial strategies. Companies and individuals often use life insurance’s tax-free death benefit and tax-deferred cash build up to replace lost assets, finance buy/sell agreements, or fund nonqualified benefit plans. Our advisors can show you how to use this tool to your best advantage.
  • A Personalized Insurance Program.Costs for health care and custodial care continue their upward spiral. We’re seeing a steady flow of new regulations and financial services products. The need for expert guidance has never been more critical.

Savage and Associates’ advisors can design a personalized program for your employees or family that strikes the ideal balance between price, coverage, and flexibility.