Risk Management

At Modern Wealth, we specialize in enhancing workplace employee benefits to promote the well-being and financial security of our clients. We focus on optimizing a variety of benefits, which typically encompass medical, dental, and vision insurance, as well as life and disability insurance. These benefits are essential for providing comprehensive risk planning foundation, ensuring our clients have the necessary coverage and peace of mind.

Our approach involves a thorough analysis of each benefit package to identify areas for improvement and to align them with the specific needs of the workforce. By optimizing these benefits, we aim to maximize their value and effectiveness, ensuring that our clients receive the best possible support and compensation for their contributions to the company.

Our expertise lies in tailoring employee benefits to enhance their utility and relevance. We work diligently to ensure that medical, dental, vision, life, and disability insurance packages are not only comprehensive but also optimized to meet the unique requirements of each client.

Our permanent life insurance strategies offer a dual benefit of security and savings. This type of policy not only provides a death benefit but also allows for the accumulation of cash value, which can serve as a financial safety net over time. The flexibility of premium payments is a key feature, enabling policyholders to adjust their payment schedules according to their financial situation. As premiums are paid, a portion is allocated to the cost of insurance and related expenses, while the rest is directed to the cash value account, which has the potential to grow and even offset future premiums.

The cash value component of permanent life insurance is a standout benefit, acting as an investment that grows tax-deferred over the policy’s lifetime. Policyholders receive annual statements to track this growth, and when the cash value is substantial, it can be used to reduce or even skip premium payments. This offers a level of financial flexibility not available with term life insurance, and in some cases, the cash value can be borrowed against, providing an additional source of funds when needed.

Permanent life insurance is a versatile financial tool that provides long-term security and the opportunity for cash value growth. Its premium flexibility and potential for policy loans offer a strategic way to manage personal finances, making it a valuable component of a comprehensive financial plan. This type of insurance is designed to adapt to your changing financial needs, providing both protection and investment benefits.

Income is a fundamental asset, fueling every aspect of life, from essentials to luxuries. However, standard group disability insurance often falls short, offering limited coverage and lacking portability, which could leave you exposed to financial risk. Personalized disability insurance policies from Modern Wealth provide the necessary security and adaptability to protect your income against life’s uncertainties, ensuring you can maintain your lifestyle and meet financial commitments even during challenging times.

Group disability insurance typically has coverage caps, isn’t transferable between jobs, and can be terminated unexpectedly. To counter these limitations, individual disability insurance is recommended. It can be customized to fit personal needs, with options for benefit duration, waiting periods before benefits start, definitions of disability based on occupation, and residual benefits for partial disability. These policies also allow for future increases in benefits, aligning with income growth, without requiring further medical checks.

In addition to basic coverage, consider supplementary protections like student loan coverage, retirement protection, and specialized programs for new professionals. Business owners may benefit from Business Overhead Expense (BOE), Disability Buy-Out (DBO), and business loan protection plans. Modern Wealth also caters to those in difficult-to-insure jobs or with high incomes, ensuring comprehensive coverage tailored to a wide range of professional circumstances. These personalized disability insurance solutions are designed to safeguard your most valuable asset—your income—throughout various life stages and career changes.

At Modern Wealth, our property and casualty insurance services include a detailed review of your homeowners and auto insurance policies to ensure comprehensive coverage without gaps. Homeowners insurance is crucial for protecting your home and belongings from various risks like fire, theft, and natural disasters, covering repair costs and legal liabilities. Auto insurance shields you from financial losses due to road accidents, theft, and uninsured drivers, covering vehicle damage, medical expenses, and legal liabilities.

Umbrella insurance is another layer of protection that we recommend, extending beyond the limits of standard policies. It provides additional coverage for significant claims and legal matters not covered by your primary homeowners, auto, or watercraft insurance. This type of insurance is designed to protect your assets and future income from substantial legal judgments, offering an extra level of security.

At Modern Wealth, we ensure that your insurance strategies are robust, providing a safety net for your property, vehicles, and overall financial well-being. By reviewing and optimizing your coverage, we help safeguard your assets against unforeseen events, giving you the confidence that you’re well-protected with a comprehensive insurance plan. This proactive approach to insurance planning is key to maintaining peace of mind in today’s unpredictable world.