Individual Life and Financial Services

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Individual Life | Long-Term Care Insurance | Personal Disability / Income Protection | Annuities | IRA's
Mutual Funds

Individual Life

Life insurance coverage isn't just for you; it's for those who depend on you most. Most families today depend on two incomes to make their living. If you die suddenly, would your loved ones have enough money to cover your funeral costs, outstanding loans, credit card balances, daily living expenses and future obligations?

With the right amount of life insurance coverage, you can ensure that your loved ones will have the necessary financial resources to go on living their dreams when you can no longer provide for them. Certain types of life policies can also provide cash benefits while you are living. To determine how much, if any, and the best options of life insurance you need, start by calling one of our life account executives at Friedman Financial Services.

A term life insurance policy may be defined as a contract that provides protection for a limited number of years, the face amount is payable only if death occurs during the stipulated term, and nothing being paid if the insured survives the stipulated period. Term insurance has no cash savings value and can also be defined as temporary protection.

Whole life insurance provides permanent protection for an individual's life. It is not limited in duration. Premiums are paid to age 100 or to premature death, whichever occurs first. The policy builds cash, loan and non-forfeiture values. Settlement options are available upon the death of the insured or upon the policy's maturity.

Universal life insurance allows the policy owner to select the face amount, within an insurer's allowable minimum and maximum. The frequency of premium is also chosen by the policy owner within the limits set by the insurer. Adjustments to the face amount, up or down may be requested by the policy owner to reflect changes in need. Universal Life is usually purchased to provide the policy owner with flexibility not found in Whole Life and Term policies.

Long-Term Care Insurance

The need for long-term care can happen in an instant or gradually as a person's health declines. Some of the reasons for receiving long-term care include: chronic disease, prolonged illness, injuries sustained as a result of an accident, disability, or cognitive impairment such as Alzheimer's disease that limits a person's ability to think or reason. In general, long-term care refers to the personal care and other related services provided on an extended basis to people who need help with certain Activities of Daily Living (ADL's) or who need supervision due to severe cognitive impairment. Care can be provided at home, in the community, in an assisted care facility or in a nursing home. Long-term care insurance is one of the methods available to cover long-term care. There are many variations and options available. To decide if Long-Term Care Insurance is right for you, contact one of our account executives today.

Personal Disability / Income Protection

During our working years, we are more likely to become disabled than to die prematurely. It is important to realize that disability not only eliminates income, but it also may increase expenses. Because of the extra expense, the financial impact of disability may be greater than that of premature death. If you were to become sick, hurt and unable to work today, how long could you survive financially without an income? Talk to one our account executives at Friedman Financial Services to help you choose the right benefit options for you.

Annuities

People are living longer, healthier lives than ever before. You may need to protect yourself from outliving your assets even if you have saved consistently for your retirement. Inflation and taxes can eat away at your savings. An annuity is an investment contract between you and the life insurance company which can provide income payments for a fixed period of time or during the lifetime of an annuitant and there is no limit on the amount you can put into the contract.

You can invest your money so that you get a stable rate of return or you can pick an annuity where your money is invested in the stock market. You can pick one or a combination of the following:

A Fixed Annuity guarantees a specified number of dollars that will be paid each month (level benefit amount) once the payment period commences. Most premiums paid for these annuities are invested in fixed dollar investments such as bonds helping to guarantee the fixed benefit.

A Variable Annuities is invested in the stock or bond market. As a result, the exact value of varies each month and cannot be guaranteed and you assume some financial risk in return for a potentially higher economic reward.

When considering an annuity, you will have to decide when you want to receive the money. If you invest in an immediate annuity, you would receive the income now, while a deferred annuity would be a savings vehicle for the future. There are several types of annuities for a variety of different needs and budgets. Your age and risk tolerance are key factors in your decision regarding the type of annuity in which to invest. Let our professionals at Friedman Financial Services help you choose your saving options wisely.

IRA's

It's never too early to plan for your retirement. Individual Retirement Accounts were established by the federal government to encourage people to save for their retirement by providing a variety of tax advantages (tax qualified plans).

TRADITIONAL IRA - Contributions up to $2,000 annually may be deductible, and your earnings are not taxed until you start withdrawing money.

ROTH IRA - These plans may offer greater tax savings and withdrawal flexibility than a traditional IRA. Eligibility depends on income.

SIMPLE IRA (Savings Incentive Match Plans) plans are retirement vehicles, maintained on a calendar year basis, for small employers (less than 100 employees earning at least $5,000 for the preceding year), which permits contributions under a qualified salary reduction agreement. Plan assets are not taxed until distributed and contributions are tax deductible by the employer.

SEPs (Simplified Employee Pensions) are employer-sponsored IRAs. They offer corporations the opportunity to establish an employer-funded pension plan for eligible employees. Contributions must be made on behalf of employees age 21 or older who have performed service for the employer during the year for which the contribution is made and for at least three of the preceding five years received a specified amount of compensation.

401K PLANS allow participants to postpone receiving a portion of your salary until you retire. You elect the amount of income you'd like to defer annually. Advantages of a 401(k) include:

Mutual Funds

A mutual fund is simply a financial intermediary that allows a group of investors to pool their money together with a predetermined investment objective. The mutual fund has a fund manager who is responsible for investing the pooled money into specific securities (usually stocks or bonds). When you invest in a mutual fund, you are buying shares of the mutual fund and become a shareholder of the fund. By pooling money together in a mutual fund, investors can purchase stocks or bonds with much lower trading costs than if they tried to do it on their own. But the biggest advantage to mutual funds is diversification.

 

 

Registered Representative of and securities offered through ING Financial Partners, Inc. Member SIPC. Friedman Financial Services, Inc. is not a subsidiary of nor controlled by ING Financial Partners Inc. Investments are: NOT A DEPOSIT - NOT FDIC or NCUSIF INSURED - NOT INSURED BY ANY OTHER FEDERAL GOVERNMENTAL AGENCY - NOT INSURED BY THE FINANCIAL INSTITUTION - MAY GO DOWN IN VALUE

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