Peck Financial

Balancing the need to provide a meaningful guarantee issue life insurance benefits that is cost effective for you the Employer and perceived valuable by your Partners, Executives and Managers is a major challenge.  Group term life insurance is very much a commodity and has limitations and restrictions that do not make it the best choice in these situations. It is seldom considered a meaningful benefit and therefore not an instrumental part of the individuals long range planning.

We have helped many firms design and implement life insurance programs that provide high levels of guarantee issue, portability and integration into the personal planning objectives of Partners and Executives.  In many cases these designs have actually saved employers money and/or solved problems stemming from increasing retiree pools.

At Peck Financial, we specialize in risk management services. We look at such factors as the portability of coverage, the long term pricing, and whether it gives your people the option to contribute additional premiums and grow money on a tax-deferred basis. Our analysis includes an assessment of whether your overall plan is priced well relative to other plans on the market and whether the guarantee issue limits are appropriate for your firm.

Do you have enough life insurance? If something happened to you tomorrow, would your family think that your current life insurance was enough? Or would it fall short?

We can help you find the answers. We will evaluate your existing insurance portfolio and tell you whether those policies need adjustment to meet your future goals and objectives.

For instance, if you’re a Partner or Executive with an annual income of $500,000 and your personal life insurance is $2 million dollars your heirs can invest that $2 million and expect a 4½ to 5 percent rate of return. That means they would expect to live on $100,000 per year—at best. To leave them with $200,000 yearly, you would need $4 million in life insurance.

Unfortunately, most companies and firms do not provide you with $4 million of life insurance. It’s up to you to make up the difference…or face falling short.

At Peck Financial, we help people in your situation every day. We offer life insurance on a term or whole life (permanent) basis – there are many different types of insurance policies. We’ll help you make the right choice.