Although insurance can never replace the loss of a loved one, life insurance can help mitigate any financial hardship presented by an untimely death. Life insurance can also be a means of passing wealth onto a person’s heirs if they are fortunate enough to live a full life. While each person and family’s financial picture is unique, life insurance is commonly used in the following instances:

• Provide for a child or grandchild’s education
• Provide for living expenses for a surviving spouse or family
• Pay off existing loans or mortgages

Health Insurance provides a way to help defray the rising cost of medical expenses. It pays for hospital and doctors visits, surgical procedures, prescription drugs, and other medical related costs. Most individuals and families purchase health insurance as a part of an employer sponsored group plan. Even so, many times, the individual or family has several options from which to choose. At Marquis, our review of your existing policy and the other options available to you, will help you decide which policy best fits with your needs.

Long Term Care insurance enables you to transfer the economic liability of long-term care to an insurance company in exchange for regular premiums. It offers a viable means of protecting your family against the potentially devastating expense of care in a skilled nursing facility, home health care, assisted living and adult day care. Long Term Care insurance provides a specified dollar amount per day for care for those who suffer from the effects of a chronic illness, disability, or cognitive impairment. Many people believe that Medicare covers this type of medical care, but that is a common misconception. Medicare only covers a limited amount of rehabilitative care and does not cover long stays in a nursing or assisted-living facility.

Insurance can also be used as a means of protecting a business from the economic loss of a key employee or business owner. This is especially important in the case of a closely-held or family business. Life insurance is most commonly used as a funding medium for a buy-sell agreement. In the event of an untimely death of a business partner, the insurance policy would allow the remaining partners to purchase the late partner’s ownership interest, an action that is in the best interest of both the business and the late partner’s family. Business Overhead insurance is a form of disability insurance which allows the business to pay its overhead expenses, including employee’s salaries, in the event of an injury or disability to a key employee or business owner. While these are the most common forms of key person and business continuance insurance, there are other niche types of insurance that may fit your business needs. Marquis will work with the client to understand their business, and any potential insurance needs probability of success.

Studies have proven that the probability of a long-term disability is even greater than the probability of a premature death. Given such, this type of insurance is especially important for young to middle-aged workers. When one or both of the family’s economic providers becomes disabled for a prolonged period of time, the family can suffer from two types of economic loss:

• Either diminished or total loss of income because the individual is unable to work
• Medical expenses from the illness or injury

A long-term disability insurance policy can help protect against such losses by guaranteeing a replacement source of income for a specified period of time, or until age 65.

As part of the information gathering process, we review existing coverages and recommend changes as appropriate for auto, home, flood, and personal umbrella liability coverages.