Our Products & Services Explained
Below are detailed explanations of each service we offer for
Individuals, families and company's.
Annuities
An annuity is a financial instrument issued and backed by an insurance company that provides guaranteed monthly income payments for the life of the contract, regardless of market conditions. Annuities work by converting a lump-sum premium into a stream of income that a person can’t outlive. These products appeal to people whose objectives include long-term financial security, retirement income, diversification, and principal preservation. Major types of annuities include GUARANTEED INCOME Fixed Annuities, GROWTH POTENTIAL Fixed Indexed Annuities, FLEXIBLE INCOME Variable Annuities
Life Insurance
Term life insurance, also known as pure life insurance, is a type of life insurance that guarantees payment of a stated death benefit if the covered person dies during a specified term. Once the term expires, the policyholder can either renew it for another term, convert the policy to permanent coverage, or allow the term life insurance policy to terminate.
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Whole life insurance is a type of permanent life insurance, meaning it’s designed to last for as long as you live. This differs from term life insurance, which lasts for a set number of years, such as 20. Whole life also incorporates a tax-deferred cash value, which is similar to a savings account, and may be accessible via withdrawals and policy loans. Another perk of some whole-life policies, called participating policies, is dividend payments.
Universal life insurance is also called adjustable life insurance because of the flexibility it offers. You have the liberty to reduce or increase your death benefit and pay your premiums at any time in any amount (subject to certain limits) once there is money in the account.
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When you make a payment to your universal life insurance plan, part of it goes into an investment account, and any interest accrued is credited to your account. The interest you earn grows on a tax-deferred basis, increasing your cash value.
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An indexed universal life (IUL) is a variation of universal life (UL), whereby the cash component of the policy is linked to the performance of a stock market index, such as the S&P 500. The policyholder decides how much cash value to assign to either a fixed account or the equity-indexed account. There will be a cap above which the policy will no longer credit the account, such as 12% per year. Thus, even if the S&P grows 20% in a given year, the policy will only earn 12%. Moreover, if the index falls, returns can be inferior, though there are often floors to prevent extreme losses.
Disability Insurance
Disability Insurance often called DI or disability income insurance, or income protection is a form of insurance that insures the beneficiary's earned income against the risk that a disability creates a barrier to the completion of core work functions.
For example, the worker may be unable to maintain composure in the case of psychological disorders or sustain an injury, illness, or condition that causes physical impairment or incapacity to work. DI encompasses paid sick leave, short-term disability benefits, and long-term disability benefits.
Wealth Building Strategies
Wealth Building strategies start with Budget building and an FNA.
A financial needs analysis is an overview of your current and future financial situation. It takes into account assets, such as wealth and income, set off against liabilities, such as debt and dependents.
By creating a financial needs analysis you can get a full overview of your financial situation and how it relates to both your long- and short-term goals.
MEDICARE ADVANTAGE & MEDIGAP SUPPLEMENTAL PLANS
Medicare Advantage Plans are another way to get your Medicare Part A and Part B coverage. Medicare Advantage Plans, sometimes called “Part C” or “MA Plans,” are offered by Medicare-approved private companies that must follow rules set by Medicare. Most Medicare Advantage Plans include drug coverage (Part D). In most cases, you’ll need to use health care providers who participate in the plan’s network.
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We will guide you in choosing the best private company you can buy MEDIGAP from and also give you guides on what the policies cover or don't.
DENTAL & VISION COVERAGE
Most dental care is preventive: checkups, cleanings, and simple procedures like X-rays and fillings that catch little problems before they become bigger problems.
So dental coverage focuses on preventive and basic procedures – and one way to help lower the cost of coverage is by getting a plan that only offers those benefits.
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We will advise you on how you can take advantage of these plans to make great financial and Health decisions.
Complementary Financial Needs Analysis.
An FNA is to analyze your current financial situation, your future financial needs and goals, and what you need to do to reach these goals. Because it gives you a complete picture of your finances, an FNA also ensures that you are sold appropriate financial products that you can afford, that are suitable and that will help you finance your dreams and ambitions such as having enough money for retirement.
Accounting & Tax Preparation
Tax accounting is a structure of accounting methods focused on taxes rather than the appearance of public financial statements. Tax accounting is governed by the Internal Revenue Code, which dictates the specific rules that companies and individuals must follow when preparing their tax returns. ion
Retirement Planning
Retirement planning determines retirement income goals and the actions and decisions necessary to achieve those goals. Retirement planning includes identifying sources of income, sizing up expenses, implementing a savings program, and managing assets and risk. Future cash flows are estimated to gauge whether the retirement income goal will be achieved. Some retirement plans change depending on whether you’re in, say, the United States or Canada, which has its unique system of workplace-sponsored plans.
Retirement planning is ideally a lifelong process. You can start at any time, but it works best if you factor it into your financial planning from the beginning. That’s the best way to ensure a safe, secure—and fun—retirement. The fun part is why it makes sense to pay attention to the serious and perhaps boring part: planning how you’ll get there.
TRUST & WILLS
These are documents that give you the opportunity you want to leave for your loved ones after passing. It can also include funeral instructions.
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Avoid Probate
This Helps prevents your loved ones from having to deal with the probate court system, which can include added costs and delays. Plus, you can avoid multistate probate if you own property in another state.
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Protect your privacy
Probate court records are public records, which means that anyone can access your will. A living trust helps keep your personal matters private.
At Taurus Financial Services we believe in financial literacy and diversity. We have the vision to guide everyone young and old, novice to seasoned all the best financial services that will positively impact your present and future.
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