Risk Management Personal Insurance
Life is unpredictable, and no one knows what the future holds. While it’s impossible to completely eliminate all risks that life may bring, planning can help you prepare for the future and reduce the possible consequences.
How will you plan to protect your loved ones from losses that may result from life events – death, injury, property losses? The answer is insurance. Through our Retirement Planning Process, Lof Financial Advisors will address your insurance options and help you obtain the coverages that are appropriate for your unique needs.
The following are overviews of the more common types of risks and related insurance vehicles that Lof Financial Advisors will address in your plan.
Car Liability Insurance
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Types of Life Insurance
Term life insurance
Term life insurance lasts a specified number of years – 10 years, 20 years, etc. – from the effective date of the insurance to the last day of the term. At the end of the term, the death benefit goes to zero. Generally, term life insurance does not build a residual (cash) value.
In addition to simple term life insurance, there are a number of variations that may be right for you. There are policies that can be converted to permanent (see below) life insurance, policies that allow you to extend the term annually once the initial term is up, coverage that decreases over the term of the policy, etc. Lof Advisors will help you select the policy that best fits your needs.
Permanent Life Insurance
Types of Permanent Life Insurance
Universal Life Insurance
Indexed Universal Life
Variable Universal Life Insurance
This universal life insurance permits the investment of the cash value in assets that fluctuate with market conditions. Flexible premiums and death benefits are also a feature of variable universal life insurance.
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Address 4757 East Camp Lowell Drive Tucson, AZ 85712
What Is Homeowners Insurance?
Homeowners Insurance and Mortgages
Homeowners Insurance vs. A Home Warranty
Homeowners Insurance vs. Mortgage Insurance
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What Is Liability Car Insurance?
Liability car insurance is the part of automobile insurance that protects the driver of the insured vehicle if that vehicle is involved in an accident that results in bodily injury and/or property damage to another party and/or vehicle. Virtually every state requires that automobiles drivers have bodily injury and property damage liability car insurance coverage.
If a driver is found to be at fault in an accident, the insurance company will pay for medical expenses and property damage for the other people involved the accident.
In states where no-fault auto insurance is required, drivers who are involved in an accident file a claim with their insurance company even if they are not at fault. This Personal Injury Protection (PIP) coverage will cover the driver’s accident-related medical expenses as well as the passengers in their vehicle.
The insurance company’s obligation under liability and property coverages is only up to the limits per accident set forth in the policy. Each state sets minimum coverage thresholds for liability coverage. Individuals who have substantial assets they want to protect from a liability lawsuit may want to purchase excess liability insurance under an umbrella policy.
Those people who drive an expensive vehicle that depreciates quickly may want to purchase GAP insurance.
Liability vs. Full-Coverage Automobile Insurance
What Is Disability Insurance?
In the event of a disability that prevents the holder of the policy for working and earning an income, disability insurance provides income.
In the United States, disability insurance is available from the federal government (Social Security System) and from private insurers. The cost of this insurance from private insurers is influenced by the amount of income needed, the duration of the income stream, the insurance policy qualification requirements, the insureds medical history, and benefit commencement waiting period.