Like organizing the garage, life insurance is one of those things that we know we should get around to one day. But somehow, it manages to keep slipping down the “To Do” list.  Or you already have some coverage, but you're not sure it's enough or even a good deal.

With the Delfau Tax & Financial Services Life Insurance Review, you'll receive an honest review of your life insurance coverage (or lack thereof) and find out if it is worth changing your existing policy or not.  (Yes, there is an insurance professional out there who will actually tell you that!) 

If your life insurance coverage requires an upgrade, we'll make the process as quick and painless as possible!

Question: Who really needs life insurance anyway?  I feel like agents will sell it to anybody.

There are several situations where life insurance is highly recommended, including:

» Parents with minor children. This could be critical in a single parent family.

» Parents with special needs children.

» Husbands or wives with a dependent spouse.

» People with anyone dependent on them financially, children or otherwise.

» People who own their own business.

» Divorced couples who must maintain life insurance as part of their divorce decree.

Note: For most people, term life insurance is an appropriate type of coverage. 

However, we'll look at your options together to determine what coverage makes the most sense for your needs and your budget. 

Question:  But I already have a whole life policy (or two or three).  There's no way to fix it unless I want to get rid of it and cash it in.

If you already have a whole life (a.k.a. cash value) policy, there is still room to upgrade! Depending on your particular situation, we might be able to find you better coverage that costs you less through the DT&FS Life Insurance Review program.

Question: But I am on medications, have cholesterol problems, etc.  I can't get life insurance--or not insurance that I can afford anyway.

If you have a medical condition or two, do not assume that you will be automatically declined.  The world of life insurance has changed in the past decade--even some folks with diabetes, heart problems and cancer in remission can still obtain coverage at reasonable rates.  And get this--if you've quit smoking or only smoke cigars, you might even be able to get non-smoker rates!

Remember: Whether you buy life insurance online or sit down with a real, live agent, you are paying the same rates.

Long-Term Care Insurance (LTCi) is a type of insurance you can purchase to cover items that Medicare won't, like assisted living facilities, nursing homes, in-home care, etc.  LTCi can also get very confusing very quickly. 

There are lots of options, add-ons and configurations that can get unnecessarily expensive if you're not careful.

Question: Who typically needs Long-Term Care Insurance?

» People who do not want to "spend down" their assets to qualify for Medicaid.

» Parents who want to safeguard an inheritance for their children.

» People who want to ensure a certain level of care if they require assistance.

» People who want to save money on healthcare costs in the future.

Question: What is the Connecticut Partnership and what does it have to do with LTCi?

It is a partnership between the state of CT and several long-term care insurance companies that allows owners of "Partnership LTCi policies" to protect some (or in some cases, all) of their assets from the Medicaid spend down rules, including if you purchase a CT plan and move to another participating state to retire.

Partnership long-term care plans cost the same as their non-partnership counterparts and generally have more built-in protection for the consumer. Partnership plans can only be handled by CT Partnership certified insurance agents. 

Question: What is the "correct" age to purchase Long-Term Care Insurance?

Insurance agents, journalists, and consumer advocates all have differing opinions on the "correct" age to purchase Long-Term Care Insurance.

Generally, sometime in your 50s is a good time to start considering LTC insurance.  Any younger than this, you chance paying premiums for much longer than necessary.  The older you get, the higher the premiums become and the greater chance you have of failing health, which could disqualify you from coverage. 

At Delfau Tax & Financial Services, you'll be educated about Long-Term Care Insurance to help decide if and when it is the right choice for you.