Insurance

Let's face it, it's not the most exciting thing to talk about. However, if you want to win with money, having proper insurance in place is a must. Baseline Financial Solutions, LLC is licensed to provide all of the insurances below.

Term Life Insurance: Your family could not survive without your income, and life insurance is what replaces your income if the unthinkable happened. The good news is that term life insurance is not expensive! A reasonably healthy person in their 30's can get a $500,000 20-year term policy for around $30 a month! Even a 40 year old can get the same coverage for around $40 a month! Life insurance received through your employer should not be your main policy. Usually it is not enough (your coverage must equal 10-12 times your annual income) and the coverage ends when your employment with that company ends.

Disability Insurance: This is what replaces your paycheck should you get injured and are unable to work, making it very important to have. If possible, this should be obtained through your employer in most situations.   

 

Health Insurance: Medical bills and medical debt are the #1 cause of bankruptcy in America today. All it takes is one major health event to permanently derail your future. If possible, this should be obtained through your employer in most situations.

Long Term Care Insurance: Nothing will ruin your retirement nest egg like a stay in a nursing home. There is more than one solution, including Long Term Care Partnership policies designed to work in conjunction with Medicaid, enabling you and your spouse to keep more of your assets. This is typically not offered through your employer.

Medicare Supplement: Medicare only covers 80% of your medical costs, leaving the other 20% to be paid by you.  A good Medicare Supplement policy must be obtained to protect your nest egg and standard of living in retirement.

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