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Life & Disability Insurance

Foundation & Protection

Even the best financial plan can be undermined by the unexpected. At Hoover & Associates, we provide safeguards to help keep your mind on the important things in life. So, if the unexpected occurs, you can be sure you and your family will have a plan. It’s important to us that you’re able to sleep at night knowing that your worries are our priority.

We’ll Help You Understand Your Coverage

Life & Disability through your employer might not be enough for complete peace of mind. We can help determine the right amount of coverage for you. We’ll go through your benefits package with you to review all of your existing options as well as outside coverage to fill in the gaps. We believe the cornerstone of every financial plan is making sure the insurance aspects are covered. Too often this is overlooked and can lead to adverse results. We make sure your entire financial picture is well-rounded.

Life & Disability Problems We Solve

HOW MUCH LIFE INSURANCE DO I NEED?

There are many different ways to determine this. We use a Capital Needs Analysis that takes into account all of your personal assets and liabilities. This ensures that you never have too much coverage or too little. Everybody’s life insurance needs are different, but we make sure that every client gets the amount of coverage that is optimal for their situation.

HOW DOES DISABILITY INSURANCE PAY ME?

Disability insurance makes sure that your inability to work doesn’t affect your ability to earn. Disability pays directly to you. It pays you generally around 60 percent of your earned income. It can pay for a varying length of time depending on the type of disability. Whether it be group or individual disability insurance, we are always here to make sure you’re properly covered.

SHOULD I USE MY EMPLOYER’S LIFE INSURANCE?

If you’re not happy with your employer’s life insurance coverage, it may be time to start exploring your other options. Company life insurance plans can vary greatly from employer to employer. In some cases, the employer’s life insurance policy may be lacking in some areas of coverage. We can provide you with options to receive more comprehensive coverage that you’re more comfortable with.

WHAT IS LIFE INSURANCE CASH VALUE?

The cash value, or surrender value, of a life insurance plan is the amount of money that is available to the policyholder while the policy remains in force, or the amount of money available if they surrender the contract. Life insurance cash value can be used like a Swiss army knife in a financial plan. Usually found in a permanent life insurance policy, the cash value can be used in a variety of ways to benefit the policy owner.

SHOULD I USE TERM OR PERMANENT LIFE INSURANCE?

Besides coverage amount, this might be the most important question to ask. Everyone’s situation is unique, but it boils down to affordability, length of coverage, and death benefit amount. Other assets, tax liability, and legacy planning all come into consideration as well. We will devote our attention to determining which life insurance is the best fit.