Page 6 - Lifestyles in Palm Beach Gardens - September '19

Page 6, Lifestyles in Palm Beach Gardens
Answers To Common Questions About Insurance

By John A. Rojas, CFP living expenses while you are unable to work. This can how you might be able to upgrade it or incorporate more
Insurance is one of the fundamental financial tools for be vital not only to pay bills, but also to keep your long- cost-effective solutions.
any household. Most people recognize the important role term financial goals on track. Policies typically include John A. Rojas, CFP, is a private wealth advisor with
of insurance, but many are unsure about how it works. a waiting period of 90 days between the time you stop Ameriprise Financial Services Inc. a private wealth
If you have questions about insurance, you aren’t alone. working and when income payments begin. advisory practice of Ameriprise Financial Services, Inc.
As a financial advisor, I get a variety of questions about Q: How might my insurance requirements change in Palm Beach Gardens. He specializes in fee-based
insurance. Here are some of the most common: later in life? financial planning and asset management strategies and
Q: I usually just renew my policies every year. Is A: You’ll want to consider different strategies as you has been in practice for 21 years. To contact him, please
there any need to worry about making changes? grow older. Long-term care insurance may be worth call: (561) 383-3643, 11300 U.S. Hwy. 1, Suite 600, Palm
A: Just as your life can evolve over time, your insurance considering when you are in your 40s or 50s to help Beach Gardens, FL 33408, john.rojas@ampf.com.
needs may change as well. Consider reviewing your deal with the rising costs of extended care as you age. Investment advisory products and services are made
insurance coverage at least annually. This can help you When you retire, you’ll likely no longer need to maintain available through Ameriprise Financial Services, Inc., a
determine if policies you currently own are cost effective disability income coverage. And, depending on your level registered investment adviser.
and still a good fit for you. It also may help you evaluate of wealth, you may want to consider incorporating life Ameriprise Financial Inc. and its affiliates do not offer
if there are policies you no longer need and identify any insurance into your estate plan. tax or legal advice. Consumers should consult with their
gaps in coverage. Insurance is a critical component in your overall tax advisor or attorney regarding their specific situation.
Q: I have life insurance through my employee benefits financial plan. Talk to your financial advisor and insurance Ameriprise Financial Services Inc. Member FINRA
program at work. Do I need additional coverage? specialist to review your current coverage and determine and SIPC.
A: It’s worth comparing the cost of that coverage with
other types of options available to you. Life insurance
as an employee benefit isn’t always less expensive or
sufficient to cover your entire financial situation. Also,
if you should leave that employer, your coverage will
ultimately be lost. You’ll want enough protection in place
to meet your family’s needs, particularly if your work
circumstances change.
Q: How does variable universal life differ from
traditional universal life policies?
A: Universal life policies are permanent policies that
have a savings component. In a variable policy, savings
can be put to work in investments such as stocks and
bonds. That creates potential to accumulate more savings,
but also adds a degree of risk if your investment choices Ask about our Rosh Hashanah
perform poorly. This may impact the premiums due or
your death benefit. Some policies offer ways to lock in a
guaranteed minimum death benefit. & Yom Kippur Holiday Menus.
Q: What are riders and how do I know if I should
choose any?
A: Riders are benefits you can add to your policy,
usually for an extra cost. With life insurance, they can
range from having the option to have premiums waived Tradition never
in certain circumstances (such as being unable to work
due to a disability), the right to claim an accelerated death tasted so delicious.
benefit if you should become terminally ill, a return of
premium if you don’t die within the term of the policy,
and even coverage for long-term care needs. Your unique
circumstances and priorities can help you determine if any
riders are right for you.
Q: What is disability income insurance and how
does it work?
A: This is an important form of coverage that provides a
stream of income if you are unable to work for an extended See restaurant or our website for complete menu.
period of time due to injury or illness. It is designed
to replace a portion of your income to help meet your

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