Life insurance provides a tax-free cash benefit to pay such items as final expenses, debts, and providing an income for dependents. Life insurance, a contractual agreement between you and a life insurance company, can guarantee that the money is there when it is needed.
Continuing to meet the obligations and responsibilities following the death of a significant person requires financial planning. Life insurance, payable when you die, can provide a surviving spouse, children, and other dependents, with the funds necessary to maintain their standards of living, can help repay debt, and fund education tuition costs.
Critical Illness Insurance
Critical illness insurance provides a lump sum benefit if you are diagnosed with one of the illnesses specified in the insurance policy. A few examples of coverage include heart attack, cancer, stroke, Parkinson’s disease, and Alzheimer’s disease.
Critical illness insurance benefit can be used to help with the financial burden associated with illness; seek alternative care; pay off a mortgage; hire a health care worker; or use the income to cover expenses until you are able to return to work.
Disability insurance is used to help you replace lost income in instances when you are not able to work due to illness or an accident. Although this insurance exists in individual or group benefits, its function is to replace income up to an established percentage of your current income. In the case of an individual policy, it can be as much as 80 percent of your income.
Why do you need business insurance?
Business insurance can help protect an owner from a significant loss that could have a devastating impact on your business. Owners who implement insurance coverage into their business plan, significantly reduce the risk of such devastation.
Get the right coverage for your business
East Coast Care has extensive experience working with business owners, assisting in the identification of insurance needs, and implementing a plan.
Do you have a business partner?
Protecting your business is an essential part of preserving your estate. When a partner or shareholder can no longer participate in the business, it is important that a plan be in place to ensure continuity of the business.
Insurance products beneficial for business owners:
- Collateral assignment
- Group critical illness insurance
- Key person insurance
- Buy-sell agreement
East Coast Care® offers consultation and evaluation services of existing and future insurance needs, whether they are for businesses, organizations or individuals.