Skip to content

Risk Management

Maximize Your Benefits

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.

Optimize Your Coverage

At Modern Wealth, our dedicated team conducts thorough reviews of your insurance policies to ensure they remain robust and responsive to your evolving life circumstances. Our comprehensive evaluation aims to identify strengths and uncover any potential gaps, with the objective of aligning your insurance strategy with the dynamic nature of your life, ensuring you’re well-protected at every stage.

Change is a constant in life, and staying updated is a proactive choice. This principle applies to both businesses and individuals; failing to adapt can lead to setbacks. Regularly reviewing your insurance coverage—be it life, long-term care, disability, homeowners, auto, or umbrella insurance—is crucial to keep pace with life’s changes, many of which may go unnoticed until it’s too late.

At Modern Wealth, we’re committed to a proactive approach in financial planning. Our policy review service is designed to assess and adjust your insurance coverage, ensuring it meets your current needs while also identifying opportunities for cost savings. We believe in a financial strategy that evolves with you, providing security and peace of mind throughout your life’s journey.

Permanent Life Insurance

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.

Term Life Insurance

Term life insurance is a cost-effective solution for financial protection over a specific period, typically ranging from 10 to 30 years. It offers the advantage of fixed premiums and does not accumulate cash value, which keeps the costs lower compared to permanent life insurance. This type of insurance is suitable for individuals at various life stages who seek straightforward, temporary financial security.

We advocate for convertible term policies, which provide flexibility for policyholders to extend their coverage beyond the initial term without undergoing medical underwriting. This option is particularly beneficial for those whose health may change, as it allows for a seamless transition to permanent insurance. It’s important to be aware of the conversion deadline to ensure eligibility.

Term life insurance is an accessible way to safeguard your financial future for a set time frame, with the added benefit of conversion options for extended coverage. We ensure our clients are reminded of key dates for conversion, offering a proactive approach to maintaining continuous protection. This adaptability makes term life insurance a practical choice for many looking to secure their financial well-being.

Disability Insurance

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.

Long-Term Care Insurance

Long-term care insurance (LTCi) is an essential form of protection for individuals who may require extended care due to physical illnesses, disabilities, or cognitive impairments. It provides coverage for essential activities of daily living (ADLs) such as bathing, dressing, and eating, which are crucial for independent living. Our LTCi policies are designed to offer comprehensive support and resources, covering the costs of homecare or nursing home care when you or a loved one can no longer perform at least two ADLs or are diagnosed with a severe cognitive impairment.

LTCi policies include various components that can be tailored to individual needs, such as the waiting period before benefits begin, the benefit limit which caps the daily or monthly payout, and inflation protection to keep up with rising care costs. These policies also offer flexibility with features like partner discounts, shared care options, and the choice between home health care or facility care. Additionally, hybrid policies are available, combining life insurance or annuities with LTCi riders, providing a multifaceted approach to long-term care planning.

In summary, LTCi is a strategic investment in your future well-being, offering financial security and peace of mind in the face of life’s uncertainties. With options to customize coverage to fit personal circumstances and the potential to integrate with other insurance products, LTCi stands as a cornerstone of a robust financial plan, ensuring that long-term care needs are met without compromising quality of life or financial stability.

Property and Casualty Insurance

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.

Let's Chat

Join us for a complimentary 30-minute chat focused on your needs, goals, and vision. Enjoy a relaxed, no-pressure session to learn about our process and ask any questions. We’re here to listen, not to sell. Let’s discover what’s possible together!