Protect the plan you built.
A retirement plan is only as strong as what happens when life does not go as expected. We look at life, long-term care, and income protection through licensed affiliates, and fit them into the plan rather than selling them on the side.
Income protection is the part of a financial plan that guards against the events that could derail it, using insurance offered through licensed affiliates to help replace income, cover long-term care costs, or protect a surviving spouse, so a single setback does not undo years of planning.
What is income protection?
Income protection is the practice of using insurance to defend a financial plan against the risks savings alone cannot absorb. A long illness, an early death, or years of long-term care can each cost more than a portfolio is meant to withstand. Income protection puts a floor under those risks so the rest of the plan can do its job.
The point is not to own as much insurance as possible. It is to own the right coverage for the specific gaps in your plan, and no more. Insurance is a tool, and like any tool it has a cost, so it should earn its place. We start from the risk, not the product.
Because insurance interacts with the rest of your plan, income protection belongs inside your planning rather than as a separate sales conversation. The coverage you need depends on your other income, your assets, your family, and the plan you have already built.
The protection a retirement plan may need
Different risks call for different tools, and income protection means matching each gap to coverage that fits. We review the areas below against your plan and recommend only what addresses a real exposure. All insurance products are offered through licensed affiliates.
| Coverage | Risk it addresses | Role in the plan |
|---|---|---|
| Life insurance | Loss of income or support if you die | Replace income and protect a surviving spouse or dependents |
| Long-term care coverage | The cost of extended care later in life | Help protect retirement assets from care costs |
| Annuities, where suitable | Uncertainty about lifetime income | Provide income guaranteed only to the extent the contract provides |
How insurance fits the retirement plan
Income protection works best when it is coordinated with everything else. The amount of life insurance you need depends on your retirement income plan and your other assets. Long-term care decisions touch your tax picture and your estate. And for those approaching 65, health coverage decisions belong next to Medicare planning. We look at protection as one part of the whole, not a standalone purchase.
On guarantees, we are careful. Some insurance products describe guaranteed income or benefits, but those guarantees are only as strong as the contract terms and the insurance company standing behind them. We explain what a product actually promises, and what it does not, before it ever becomes part of your plan.
Related services
Insurance and income protection questions
Does Richard Casolari sell insurance?
Insurance products are offered through licensed affiliates. We start from the gaps in your plan and recommend coverage only where it addresses a real risk. See the disclosure below for how insurance and advisory services differ and how we are compensated for each.
Is the income from an annuity guaranteed?
Any guarantee is only to the extent the contract provides and is backed by the claims-paying ability of the issuing insurance company. We explain exactly what a given contract promises, and its costs and limits, before it becomes part of your plan.
What is long-term care planning?
It is planning for the cost of extended care later in life, which can be substantial and is generally not covered by Medicare or a Medicare Supplement. We review whether coverage or another approach fits your situation and your assets.
How much life insurance do I need?
It depends on your income, your assets, who relies on you, and the rest of your plan. Rather than start from a product, we start from the gap, the income or support that would be lost, then size coverage to that.
How are you paid for insurance?
Insurance products are offered through licensed affiliates and may pay a commission. Investment advisory services are separate and offered on a fee-based basis. We walk through how we are compensated for each before you decide.
Find the gaps before they find you.
Bring your plan to a Retirement Readiness Review. We will look at where protection fits and where it does not, with no pressure to buy.
Schedule a ReviewThe cost and availability of insurance can depend on factors such as age, health, and the type and amount of insurance purchased. Before implementing a strategy involving insurance, it would be prudent to make sure that you are insurable by having the policy approved. As with most financial decisions, there are expenses associated with the purchase of insurance. Policies commonly have mortality and expense charges. In addition, if a policy is surrendered prematurely, there may be surrender charges and income tax implications.
Insurance products are offered through licensed insurance agents and affiliates and may pay a commission. Insurance products are separate from, and not offered through, advisory services. Investment advisory services are offered on a fee-based basis through Cetera Wealth Services, LLC, member FINRA/SIPC.
Guarantees are based on the claims-paying ability of the issuing insurance company. Riders and benefits may carry additional cost and limitations. This information is general and educational and is not tax or legal advice; consult your CPA or attorney regarding your specific situation.
