Planning for risks that impact your financial security and lifestyle
Your Life Insurance, Disability Insurance and Long-term Care Insurance are financial products that help safeguard your financial future and wealth. How do you know if you have the right amount of coverage? Or, whether the insurance products that you presently own or contemplating are properly structured and efficiently priced for meeting your needs?
About Bob Flood
Bob Flood at LC Advisor
Counsels busy professionals and entrepreneurs in planning and preparing for the financial risks that could occur during one’s lifetime.
LC Advisor represents multiple carriers and is licensed in a majority of states.
Bob Flood is an insurance product knowledge expert with experience and resources to help you transfer financial risks.
Access the insurance calculators (see below) or email me directly to discuss your needs: rflood@lcadvisor.com
Premature Death - Life Insurance
A couple with children needs life insurance. The life insurance cash payment at death provides cash to pay current mortgage, existing educational loans, credit card debts, future education tuition and replacement of wage earners income.
Longevity Planning - Long-term Care Insurance Options
The risk of outliving your assets as a result of a long-term care triggering event requiring skilled care in a facility or home care. Fidelity Investments’ 2023 annual survey revealed that a 65-year old couple retiring this year will need $315,000 to cover healthcare expenses throughout their lifetime. The $315,000 does not include the costs of Long-term care expenses.
Longevity Risk — Long-term Care Planning
Long-term care touches nearly every family. It’s a sensitive issue, but one that should be discussed. Families often find themselves unprepared for the realities of long-term care, unsure of a loved one’s wishes and how to cover the sometimes-steep costs that come with a preferred choice of care.
The easiest time to have the longevity planning discussion is before long-term care is necessary. And there are a lot of good reasons why:
You’ve seen the negative effects on those who don’t have longevity planning in place.
You don’t want to spend your retirement savings on long-term care.
You don’t want your family to devote their lives to taking care of you should you no longer be able to care for yourself.
You want to leave an inheritance for your kids.
You want to be able to stay at home for as long as possible.
You know it’s the smart thing to do.
You’ve worked hard to be where you are financially. Protect your retirement savings by putting a longevity plan in place.
Contact Bob Flood to determine the long-term care options that work for you, your family, and your budget.
Business Continuity Planning - Funding Buy-Sell and Key Person Funding
For most closely held businesses, the unexpected death of an owner can be the worst-case scenario. The delicate balance between the business owners, their spouses and families and the employees and their dependents can be capsized in an instant. Other buy-out triggering events include the disability, retirement or bankruptcy of a partner. Benefits of the Buy-Sell
Creates market for an illiquid asset, converting it to cash
Avoids forced sale to raise cash.
Controls ownership–so that surviving owners avoid being in business with a deceased owner’s spouse or other family members.
Design and Funding Considerations include:
Value of Business, Agreement Terms, payout-lump sum, installments and triggering events.
Structuring buy-sell agreement: cross purchase, entity redemption or wait-and-see.
The business’s current value and how it will be determined in the buy-sell agreement.
With all of the different variables and contingencies, you need a real expert to help you figure out the best plan for you, your company. Many insurance agents approach business owners pushing the need for a buy-sell - they're just looking to sell a couple of insurance policies. You need a business contingency expert to help you take a comprehensive analysis of all possible situations. If you've not done this planning - or not reviewed it in awhile - I'd love to have a conversation. I'm sure I can help you identify some issues or give you a few ideas whether we ever work together or not.
Buy-Sell Agreement and Business Valuation Checklist
Free Consultation and discussion - Schedule Time