Insurance Planning

Insurance Planning

Objective strategies to alleviate future risk

Let's keep you covered.

We work in conjunction with HK Financial Services (HKFS) to provide our clients with insurance strategies to manage risk. The philosophy is simple - offer unbiased choices in companies, products and prices that meet our clients needs. HKFS utilizes a team of insurance and financial professionals who strive to provide the best solutions using highly rated, handpicked and carefully monitored insurance carriers.

Our insurance planning services

  • A team approach that incorporates tax and legal advisors
  • An independent and objective analysis of your risk management situation
  • Representation of multiple insurance carriers to match your needs with the appropriate product from a quality company at a competitive price
  • Regular service reviews
  • Coordination of risk management program with wealth management objectives
  • Life, long-term care, and disability insurance as well as group life and health plans
  • A full array of insurance planning solutions including business continuation, advanced estate planning, executive benefits and personal planning

Our insurance planning audit/review incorporates a consultative approach with comprehensive wealth management planning.  This approach connects our tax expertise with financial planning services in order to reach your goals.

Other related services

*Investment advisory services offered through HK Financial Services (HKFS), an Independent Registered Investment Advisor.  Commission-based securities products are sold by ProEquities registered representatives and offered throughProEquities, Inc., a Registered Broker-Dealer and member of  FINRA and SIPC. Insurance products issued by many highly rated carriers.  HKFS, ProEquities and Boyum Barenscheer, PLLP are independent of each other.

This material is being provided for informational purposes only with the understanding that neither HKFS nor ProEquities is rendering tax, legal or accounting advice.  Please consult with your CPA or other appropriate advisors on all matters pertaining to legal, accounting or tax obligations and requirements.

FAQs

 
Do I ned to upgrade my insurance policy?

That depends on you and your unique situation.  Your age, health, financial position and family all impact the amount and type of insurance needed.  In addition to property and casualty insurance, the type of risks generally insured against are health and medical, disability, long-term care and life insurance.  We can assist you in evaluating your current insurance policies and offer suggestions for shoring up any undue risks.

 
Are life insurance proceeds taxable?

Generally, life insurance proceeds paid to a beneficiary due to the death of the insured are not taxable.  However, any interest income you receive is taxable.

 
Is an annuity right for me?

Annuities can most certainly be a part of your overall financial plan.  Annuities can guarantee an income stream which can shore up some of the risks associated with your long-term financial plan.  Your age, time horizon, risk tolerance and other factors should be weighed in as you consider if an annuity should be a part of your portfolio.

 
How much disability insurance do I need?

Insurance companies do not sell disability insurance to replace 100% of your income; they do generally insure to replace 70% of your income.  If your current plans do not cover 70% of your income you may want to look for a supplemental policy for the difference.  A major benefit of owning your own policy is that when you pay the premiums yourself with after-tax dollars any benefits will likely be tax-free.  As with all insurance needs, the amount of disability insurance needed depends on your circumstances.

Contact John for more information

John Csargo, CPA, MBT, CFP®

John Csargo joined Boyum Barenscheer in December 2015 as the firm’s newest partner.  His 30 years of extensive experience helping individuals and businesses with their tax planning and providing advice to make the best financial decisions for short and long-term goals is a great addition to BB’s Tax Department.