Insurance Analysis & Planning in the Rockville, MD Area
Successfully planning for your financial future involves not only investing and growing your assets, but also protecting them in the event of disability or death. Life insurance and other polices, such as disability or long-term care insurance, are necessary expenses for some investors and an important part of creating a comprehensive financial planning and investment strategy.
At Ferguson-Johnson Wealth Management, we can help you determine how life insurance and other polices figure into your long-term financial goals. Though we do not offer insurance services, our insurance analysis can help you determine how the premiums will affect your budget and investment strategy, and which polices offer the best protection for your assets and family.
Our team at Ferguson-Johnson Wealth Management has been providing customers in Rockville, Maryland and beyond with financial planning and wealth management services since 1978, and as a fee-only financial advisor, we are committed to helping our clients achieve their financial goals.
To learn more about our services or to request a no-cost consultation, contact Ferguson-Johnson Wealth Management today.
The Importance of Life Insurance
Life insurance is an important part of your financial plan and can help to ensure your family, business partners, and assets are protected in the event of your death. Some reasons you may need life insurance include:
Protecting Your Family
If you have a spouse, children, or are the primary caregiver for a disabled or elderly family member, the loss of your income could have a significant effect on their lifestyle, from paying for day-to-day expenses to the ability to afford college or health care. Life insurance helps to replace this lost income and protect your family. With the high cost of raising a child for an average middle-income family, losing a parent can be detrimental financially as well as emotionally.
Protecting Your Home
If your mortgage was based on the combined income of both you and your spouse, your spouse may have a difficult time paying the mortgage in the event of your death, potentially leaving your family without a home or forcing them to downsize. Life insurance can help surviving family members remain in the home.
Protecting Your Business
If you are a partner in a business, the loss of your contributions could harm the profitability of your business or force your partners to hire a replacement. Life insurance can help the business to operate normally after your loss and protect your partners from any potential reductions in profit.
Types of Insurance
There are several kinds of insurance that are available to protect your family and assets, including:
- Term life: Term life is a policy that lasts a specified amount of time, and usually has a smaller fixed premium than other forms of life insurance.
- Whole life: A permanent policy with higher premiums, which builds cash value that can be borrowed against.
- Variable life: A permanent policy that builds cash value, which is invested to increase its value, tax-deferred.
- Disability: Helps to replace lost income if you become disabled.
- Long-term care: Helps to protect your assets and pay for long-term care if you must be placed into a nursing home or assisted-living facility.
- Key man insurance: Protects your business in the event of your loss.
Our team at Ferguson-Johnson Wealth Management can help you determine which insurance policies and coverage levels are appropriate for your long-term financial goals.
Financial Planning Services in the Rockville Area
At Ferguson-Johnson Wealth Management, our insurance analysis services can be a critical part of your financial planning and investment strategy.