Term Life Insurance

• Term Life Insurance: Covers you for a specific period (e.g., 10 or 20 years) and is typically more affordable. It’s best for short-term financial needs like mortgage protection or supporting dependents. 
• Whole Life Insurance: Provides lifetime coverage and builds cash value over time. It’s ideal for long-term financial planning and creating an inheritance.

• Critical Illness Insurance provides a lump-sum payment if you’re diagnosed with a covered illness, such as cancer or a heart attack. You can use this money for medical bills, recovery expenses, or any other financial need. The payout is tax-free and doesn’t need to be repaid.

• Disability Insurance is essential for anyone whose income supports their lifestyle. If you’re unable to work due to illness or injury, this policy replaces a portion of your income, helping you maintain financial stability during recovery.

Group Benefits typically include:

• Health insurance (doctor visits, prescriptions, hospital stays).
• Dental and vision coverage.
• Life and disability insurance.
• Wellness programs (gym memberships, mental health support).
  Employers can customize plans to meet their workforce’s needs.

• Yes! Universal Life Insurance allows you to adjust both your premium payments and death benefits over time. This flexibility helps you adapt to changes in your financial situation or goals.

Coverage varies by policy, but common illnesses include:

• Cancer (life-threatening types).
• Heart attack or stroke.
• Kidney failure.
• Major organ transplant.
• Multiple sclerosis.

• A good rule of thumb is to replace 60-70% of your pre-tax income. This ensures you can cover essential expenses like housing, utilities, and groceries if you’re unable to work.

• Group Benefits help attract and retain top talent, improve employee satisfaction, and promote overall workplace productivity. Offering health and wellness programs shows employees you value their well-being.

Cash value grows over time and can be:

• Borrowed against for emergencies or large expenses.
• Withdrawn for retirement income or other needs.
• Left untouched to increase the death benefit for beneficiaries.

*these are not recommendation but options available to you. 

• Our team at LWM Risk Management is here to help. We’ll assess your financial goals, lifestyle, and coverage needs to recommend the best solution for you or your business.

• If your term policy expires and you’re still alive, the coverage ends, and no payout is made. However, many policies offer renewal or conversion options to switch to permanent coverage without requiring a new medical exam.

• It depends on the specific condition and the insurance provider. Some conditions might result in exclusions or higher premiums, but our team can help you explore options to find the best possible coverage.

• Short-Term Disability: Covers temporary conditions like recovery from surgery or short illnesses, usually lasting a few months.
• Long-Term Disability: Provides income replacement for extended periods, sometimes until retirement, if you’re unable to work due to a chronic condition or severe injury.

• This depends on your lifestyle and financial obligations. A common recommendation is coverage equal to one or two years of your salary to ensure funds for treatment, recovery, and daily expenses.

• Yes! Group Benefits packages can be tailored to meet your company’s and employees’ needs. For example, you can include optional coverage like extended health care, enhanced disability insurance, or wellness incentives.

• While it’s primarily an insurance product, the investment component of Universal Life can provide tax-deferred growth. It’s a good option if you’re looking for lifelong coverage with the potential to grow savings over time.

• Savings can help, but they might not last as long as a steady income replacement. Disability Insurance ensures consistent support, so you don’t deplete your savings during recovery.

• Premiums are based on factors like the number of employees, the types of benefits included, and the company’s industry. We’ll work with you to create a plan that fits your budget.

• Yes! Employers can often deduct premiums for Group Benefits as a business expense. Additionally, some benefits, like health coverage, are tax-free for employees, depending on local regulations.

• The waiting period varies by policy, typically ranging from 30 to 90 days for long-term Disability Insurance. Short-term policies often start paying within 1 to 2 weeks.

• Absolutely! The lump sum payment is yours to use however you need, whether for medical treatments, paying bills, or even taking time off to recover stress-free.

Life Insurance can protect your business by:

• Funding a buy-sell agreement if a partner passes away.
• Providing key person coverage to cover losses if a vital team member is lost.
• Ensuring your family’s financial security by covering debts or providing income replacement.

• It’s a good idea to review your policies annually or after major life changes like marriage, the birth of a child, buying a home, or starting a business.

• Most providers have age limits for different types of policies. For example, Term Life Insurance is typically available until age 75, while Whole and Universal Life policies may have higher age limits.

• Yes! Many Group Benefits plans allow employees to extend health, dental, and life insurance coverage to their spouses and children, ensuring full family protection.