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Secure Your Future

Insurance Solutions

Life Insurance | Disability Insurance
Discover peace of mind with our insurance services at Callaway Financial Services. Specializing in Life Insurance and Disability Insurance, we provide the protection essential for life’s uncertainties. Our expertise ensures that you and your loved ones are safeguarded, whatever the future may hold. We understand the importance of a secure financial plan, and our insurance solutions are designed to offer you stability and confidence. Let us help you choose the right coverage to protect your family and your future.
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    Life Insurance

    Life Insurance is essentially about transferring the risk from an individual to a collective group. This group consists of the insurance company’s pool of policyholders. In this arrangement, the policyholder agrees to pay regular premiums to the insurance company. In exchange, the company commits to paying a specified sum of money if the insured person passes away or experiences an illness or disability during the policy’s term. This setup ensures that the financial burden of losses is shared among all members of the group.
    Why should I put my hard-earned money into it? No one likes to pay for insurance. And no one should convince you that it’s an investment. Instead, it is a very versatile financial asset, purchased for benefits to be paid in the future. Remember, life insurance is for your peace of mind now – and for your loved one’s financial security in the event of your untimely death. (Seldom does a beneficiary refuse a death benefit check!)
    For those blessed with a long, healthy life, that can certainly be true. The catch is that people can die or become disabled before investments have matured to that level. Insurance purchased today takes care of your family’s needs – today and tomorrow.
    Not really. Many expenses, such as mortgage payments and children’s tuition, continue as always. Even if your spouse can earn a good salary, other needs may require outside services to ease the burden of your absence for your family.
    That depends on your family’s individual needs. You should consider the amount of death benefit you want for them compared to the level of premium you can afford. Are your family needs long-term or short-term? Are your children very young or in college? Are there other factors to consider?
    Only when your personal assets are used up. In other words, when you are bankrupt. The gap between most people’s personal assets and long-term care needs is often wide indeed, and the financial risk is huge. Long-term care insurance and disability insurance preserve your personal assets and lessen the stress that long illnesses can place on finances and emotions.
    This is funny – until it really happens. Few people really want to make life difficult for loved ones. Careful preparation for illness and old age is one of the most thoughtful acts parents can perform for their children.
    You know, I’ve never been sure what that means, but in general, it is a catchphrase that tells me that you do not want to face the possibility of sickness or injury or the reality of your demise. And you will not take responsibility for your finances. In my wife’s words, which may apply, “I’m far too pretty to worry about such things.”

    Types of Life Insurance

    Life Insurance comes in various forms, each designed to meet different needs and preferences. Understanding these types is key to selecting the right coverage.

    Selecting the right Life Insurance policy depends on your financial goals, tax planning strategies, and personal circumstances. Our team at Callaway Financial Services is here to guide you through these options, ensuring your choice aligns with your overall financial plan.

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    • Term Life Insurance: This type provides coverage for a specific period, offering a death benefit if the insured passes away during the term. It's typically less expensive and suitable for short-term needs.
    • Whole Life Insurance: Offering lifelong coverage, Whole Life Insurance includes a death benefit and a cash value component, which can grow over time. It's ideal for long-term financial planning and estate planning.
    • Universal Life Insurance: A flexible option, Universal Life Insurance combines a death benefit with a savings component, allowing you to adjust premiums and coverage amounts as your needs change.
    • Variable Life Insurance: This type allows you to invest the policy's cash value in various accounts, offering the potential for higher returns but with more risk.
    • Indexed Universal Life Insurance: Similar to Universal Life, but the cash value is tied to a market index. It provides a balance between growth potential and risk management.

    So Why Do I Need Life Insurance?

    Life Insurance is a crucial component of financial planning, particularly for securing your family’s future. It acts as a financial safety net, ensuring that your loved ones are not burdened with financial hardships in the event of your unexpected passing. Whether it’s paying off debts, covering living expenses, or securing your children’s college savings, Life Insurance provides essential support. Additionally, certain policies can offer tax benefits, serving as a strategic tool in comprehensive tax planning. By investing in Life Insurance, you’re not just planning for the unforeseen but also ensuring that your family’s financial needs are met, safeguarding their future comfort and stability.

    Ready to secure your family’s future with Life Insurance? Contact Callaway Financial Services today to explore your options.

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    Disability Insurance

    Disability Insurance is often overlooked, yet we believe it’s extremely important. Unlike Life Insurance, which provides for your family or business in case of your death, Disability Insurance supports you financially if you’re unable to work due to injury or illness.

    The odds of the average person succumbing to sickness or injury are far greater than that of dying. Disability insurance provides periodic income payments while you are unable to work. Your ability to work is your greatest asset.

    I used to think so, too. But I severely broke my knee while trimming trees at my house. I called it my stupid human trick. If you live an active lifestyle or your job requires you to work physically and not behind a desk, you are at risk of injury.
    Over about eight months, I received a little over $95,000 in compensation for my disability. This came from an individual disability policy and a business overhead policy.
    It is another form of disability insurance that covers expenses incurred in your business. It is basically insurance used to keep your business running while you are disabled.

    Have you ever heard of cancer, multiple sclerosis, or even the ebola virus? Now, the coronavirus and its many variations?

    Are you absolutely sure you will not contract an airborne illness? Millions of people travel in and out of the United States yearly. Many people contract the latest version of the flu each year. There is no way we can say we will never get seriously ill.

    It depends on your vocation and how much and to what degree you can be insured. Generally, two-thirds of your annual income can be covered. In the insurance industry, you are required to share in some of the loss. This helps prevent fraudulent claims.
    Yes, it does… to an extent. But only for a while. It will not take care of you for a long-term disability. That is why many employers offer short-term and long-term disability and or indemnity insurance for their employees.
    Indemnity insurance covers a specific injury or illness and pays a set dollar amount for when that occurs. For instance, if you are injured, an indemnity policy may pay $750 for an emergency room visit.

    Types of Disability Insurance

    Disability Insurance is a vital aspect of financial planning, especially for individuals over 50, who may face increased health risks. Understanding the types of Disability Insurance helps in selecting the right coverage for your needs.

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    • Short-Term Disability Insurance: This insurance type covers a portion of your income for a short period, typically a few months to a year. It's ideal for temporary disabilities due to illness or injury.
    • Long-Term Disability Insurance: Providing coverage for an extended period, often several years or until retirement, long-term disability insurance is crucial for anyone who might be out of work for a prolonged time due to a severe health issue.
    • Indemnity Insurance: Indemnity insurance covers a wide range of policies that provide compensation for losses or damages. Commonly used in diverse areas such as professional liability and property damage, this type of insurance aims to restore the insured party's financial position to what it was before the loss occurred. It's an essential aspect of risk management, offering protection in various situations where financial loss might be incurred.

    Each type has its specific features and benefits. Short-term policies usually have a brief waiting period before benefits begin but cover a higher percentage of your income. Long-term policies, while having a longer waiting period, can provide peace of mind for more serious, lasting disabilities.

    Choosing the right Disability Insurance involves considering your savings, your job’s physical demands, and other income sources like savings accounts or investment accounts. At Callaway Financial Services, our experts are committed to guiding you through your Disability Insurance options, ensuring your choice complements your overall financial strategy effectively.

    So Why Do I Need Disability Insurance?

    Disability Insurance is an essential part of your financial planning strategy, designed to protect you in case of an unexpected illness or injury that prevents you from working. It ensures that you maintain a steady income stream, safeguarding your and your family’s lifestyle and financial obligations. This type of insurance is vital for covering living expenses and maintaining your savings accounts, especially when you cannot earn an income. Investing in Disability Insurance means securing not just your financial stability but also peace of mind, knowing you’re prepared for life’s uncertainties.

    Ready to protect your financial future with Disability Insurance? Reach out to Callaway Financial Services today, and let us help you find the right coverage.

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    The Callaway Approach

    Although insurance itself should not be viewed as a true investment, a good insurance program is crucial to your total financial plan. No one wants to buy insurance. But without adequate insurance coverage, you or your loved ones might very well have to sell significant assets just to pay expenses. Callaway Financial Services offers various types of insurance, including:
    • Life Insurance
    • Disability Insurance
    • Long-Term Care Insurance

    The Callaway Approach brings years of experience and a solution-oriented philosophy to your insurance needs. We are ready and willing to listen to your unique circumstances and offer recommendations based on your total financial picture. The Callaway Approach places your current needs and your lifetime goals at the heart of the plan.

    If you have no insurance or experienced a major change in your life, it’s time to review your needs. Marriage, divorce, birth of a baby, death of a spouse, purchase of a new home, preparation for college, retirement, or other life events – any of these can outdate your current coverage. Contact us for a no-obligation review of your insurance program.

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