7166 Marshall Rd, Upper Darby, Pennsylvania 19082, United States

(610) 810-3224

HELPING YOU PLAN FOR YOUR FUTURE TODAY

PRODUCTS AND SERVICES

Life Insurance

Critical Care Insurance

Critical Care Insurance

Life Insurance Basics

Life insurance is the first step in protecting your loved ones in the event of an untimely death. Life insurance can provide an income tax-free death benefit to help secure your family’s financial security.

When purchasing life insurance, there are two basic initial questions to consider:

"What kind of life insurance do I need?"
"How much life insurance do I need?"

Types of Life Insurance

Most life insurance products can be categorized into two basic groups: term insurance and permanent insurance. You should purchase life insurance that is based on your specific needs and fits within your budget.

What is term insurance?

Term insurance provides coverage for a specific period of time -- normally in increments of 10, 15, 20 or even 30 years. Term insurance is generally less expensive than permanent insurance because most term policies do not contain a cash value component. With term insurance, you pay premiums only for as long as you need insurance coverage.

What is permanent insurance?

Permanent insurance provides coverage for the lifetime of the insured. Generally, permanent insurance is more expensive than term insurance because of the accumulation of cash value within the policy. Cash value accumulation growth is determined by the type of permanent insurance policy purchased. Some of the most common types of permanent insurance include whole life insurance, universal life insurance, and indexed universal life insurance. An important benefit to cash value policies is that the cash value account grows tax-deferred and may be withdrawn or borrowed from the policy*.

How much life insurance do I need?

Each family or business has different needs at the time of a death. While there are several ways of saving for this contingency, life insurance may be the best solution for covering long-term financial needs. Life insurance proceeds may help pay for final expenses or burial costs, replace income, provide a college fund, pay outstanding bills, cover business expenses, or even pay for estate taxes (if applicable).

Applying for Life Insurance 

Following the receipt of a life insurance application, most life insurance companies conduct a brief evaluation of the applicant through a process known in the industry as underwriting. West Oak Financial offers simplified underwriting products. Traditional underwriting typically has several requirements including completion of a physical examination by a medical professional. Generally, traditional underwriting is more in depth and may take several weeks to complete.

By contrast, simplified underwriting is based upon the insured’s answers to certain medical questions and shared medical information via the MIB (Medical Information Bureau). Simplified underwriting is designed to take less time than traditional underwriting – perfectly suited for today’s fast paced world.


Critical Care Insurance

Critical Care Insurance

Critical Care Insurance

 

Critical Illness insurance provides financial protection when a major illness occurs and a person is unable to work and earn an income. It helps cover medical expenses typically not covered by other insurance policies. Paid in lump sums, Critical Illness insurance gives you the freedom to use the money where it is needed most – from medical bills to the mortgage.

This coverage comes into play as traditional health insurance leaves people with more and more gaps in coverage. As a result of high deductibles, coinsurance and limited coverage on nontraditional treatments, individuals may incur large medical bills not covered by a traditional insurance policy. It can also bridge gaps left by disability insurance policy waiting periods.

Financial Planning

Critical Care Insurance

Disability Insurance

Life Insurance

Estate Planning

Retirement Planning

Education Planning

Investment Planning

Tax Planning


Disability Insurance

Disability Insurance

Disability Insurance

 

An individual disability insurance policy pays a percentage of your client’s salary, according to policy guidelines, if he or she is disabled. Disability insurance policies 

can be customized by:

 This coverage is essential for clients who do not have long term disability (LTD) insurance at work. It is also supplemental for those who have LTD at work because employer-provided plans are very limited. 

  • The amount of coverage (The percentage of your income that the policy will pay)
  • The length of coverage (How long benefits will continue)
  • The elimination (waiting) period (How soon benefits will start)
  • The disabling definition (Such as own occ or modified own occ)
  • The renewal provisions (Such as non-cancelable or guaranteed renewable)
  • Riders (The bells & whistles)

Long Term Care

Disability Insurance

Estate Planning

 

Long-term care refers to a wide range of personal care and other related services provided on an extended basis to people who need help with certain Activities of Daily Living (ADLs) or who need supervision due to severe cognitive impairment such as Alzheimer’s disease or by simply growing old and becoming frail.

The need for long-term care can occur due to:

  • Aging (frailty) – inevitable (not if, but when and how long)
  • Disease – statistical probability
  • Accident – statistical probability

Long-term care insurance policies protect the insured’s assets from the drain of long-term care expenses. However, even more importantly, long-term care insurance:

  • Relieves the financial burden on loved ones
  • Provides the family with the financial means to hire a trained care provider rather than struggling to “make do” themselves,  allowing for better quality of care for the patient and better quality of life for loved ones
  • Alleviates stress and emotional burden for all involved family members
  • Allows the insured to leave the family a financial legacy

Estate Planning

Disability Insurance

Estate Planning

Do you have a will

Do you understand what a revocable or irrevocable trust is? 

Do you understand how a living trust works?

 

Proper estate planning can help to increase the size of your estate, whether large or small. Its basic purposes are to (1) choose how your property will be distributed after your death, (2) help assure that your property will be distributed in an orderly and efficient way and (3) minimize taxes.

West Oak Financial  gives you a road map to the estate planning process. It will help you to get started: to provide for your heirs, to lessen the administrative burden on your survivors, and to understand what you'll have to do to minimize estate and income taxes. It will enable you to approach your attorney and other professional advisors with a clearer idea of what the process should entail.

 

What is your "estate?" Simply stated, it includes everything you own at your death minus your debts. However, some rather tricky rules apply, which may bring back into the estate assets you've given away, or thought you'd given away.

Most estates do not need to pay the federal estate tax, in many cases because you can leave an unlimited amount to a surviving spouse without having it being subjected to federal estate tax (i.e., the bequest provides a marital deduction). In 2020, there is an exemption of $11,580,000 (up from $11,400,000 in 2019) per individual before the federal estate tax kicks in. The nearly doubling of the exemption amount is due to tax reform legislation passed in December 2017. In 2026, however, the estate tax exemption amount reverts to the 5 million exemption amount (indexed for inflation) that that went into effect in 2011. State inheritance taxes, which vary from state to state, must also be considered in addition to federal estate tax.


Retirement Planning

Workshops and Presentations

Retirement Planning

 

Your Retirement Plan: How To Get Started

The number of people who are financially unprepared for retirement is staggering. One study revealed that more than half of the adults in the U.S. were planning to depend solely on Social Security for retirement income. Another study indicated that the great majority of Americans do not save nearly enough money. This Financial Guide provides you with the information you need to get started on this important task.

To enjoy your retirement years, you need to begin planning early. With longer life expectancies and the growing senior population, people need to begin planning and saving for retirement in their 30s or even sooner. Adequate planning can help to ensure that you will not outlive your savings and that you will not become financially dependent on others.

It is never too late to start or to improve a retirement plan. This Financial Guide shows you the basics of retirement planning, and will enable you to get started or to revamp an existing plan. Basically, there are three steps to retirement planning:

  1. Estimating your retirement income
  2. Estimating your retirement needs
  3. Deciding on investments

Tip: In making estimates of future income needs and sources of income, be sure to estimate conservatively. This will ensure that you do not shortchange yourself.

Property Management

Workshops and Presentations

Retirement Planning

Having a big sale, on-site celebrity, or other event? Be sure to announce it so everybody knows and gets excited about it.

Workshops and Presentations

Workshops and Presentations

Workshops and Presentations

Financial Needs Analysis

Financial Needs Analysis

Workshops and Presentations

Annuities

Financial Needs Analysis

Investment Planning

Fixed Annuities

Fixed Index Annuities

Equity Index Universal Life Annuities

Investment Planning

Financial Needs Analysis

Investment Planning

 

The world of investing can seem mind-boggling for a beginning investor. How do you decide what type of security to invest in? Should you choose stocks, bonds or a combination of investments? What about mutual funds? How do you choose a particular fund, stock or bond? How do you assess the risk to your money?

This Financial Guide provides a starting point for inexperienced investors. It describes how securities markets work, what protections are afforded, the general types of securities available, the interaction of risk and reward and how to select the investments appropriate for your risk tolerance.