In their capacity as insurance producers in the Commonwealth of Massachusetts, J. Christopher Boyd, CFP® and Michael Perna, CFP® through AMR Insurance provide Life, Disability and Long Term Care insurance products upon request. When creating a financial plan we recommend an insurance review. This allows us to determine if your assets are well protected. Besides using insurance as an asset protection tool, it can be used as a tax reduction strategy.Free Insurance Review
How insurance can be used in a portfolio
Risk Management with Insurance – An important part of any planning process is risk management. At AMR Insurance we assist clients with these risk management efforts in several ways.
A. Long Term Care Insurance
For those in or nearing retirement, Long-Term Care planning can be a high priority in order to evaluate the use and eligibility of Long-Term Care Insurance as a tool. Because of the extraordinary costs associated with long-term care assistance, and the potentially devastating financial impact to families’ wealth, Long- Term Care Insurance, for those eligible, can be an efficient way to minimize the impact of the costs for care and the potential drain on family assets.
B. Disability Insurance
For those in their prime working years Disability Insurance is a risk management tool for income replacement which is often overlooked. Having one’s health is truly priceless, however proper coverage can help to mitigate potentially devastating financial impact of an injury or illness.
C. Life Insurance
For those in retirement life insurance concerns are often diminished. When that is the case we evaluate whether to keep existing policies and conduct an Insurance Policy Risk Assessment to ensure that policies are still working in the manner intended.
Wealth Creation – This is an ideal use of life insurance for younger families and those in retirement who need to create an additional sum of money upon one’s death for their surviving loved one’s needs. Whether the replacement of earned income, pensions, or the paying off of debts, this is a traditional use of life insurance.
Wealth Preservation – In some instances, families may have substantial wealth which may result in an estate tax, in spite of the best of planning. When your wealth is primarily in illiquid assets such as business or real estate, life insurance may serve to protect your family’s wealth from the impact of invasive taxation.