What We Do
Welcome to Practical Insurance Solutions! We are dedicated to bringing you insurance solutions of all kinds, both common and unique, in order to help you protect yourself, your business, and your assets from life’s risks.
We are also here to educate you, as many of today’s products are complex. But with that complexity comes the ability to design policies that are just right for your needs. Today, many products, including insurance, are being purchased directly over the internet by consumers. That’s OK for some products, but for many others, it is important to enlist the help of professionals who understand all the nuances of the products, and can offer the correct guidance.
Insurance isn’t sexy. It rarely makes for a good conversation at parties. We get upset when our auto or homeowners premiums rise, or when we have a hassle with a claim. But insurance may save you from financial ruin. Consider the following: You go into Best Buy and purchase a refrigerator for $800. You buy an extended warrantee for $150. You decide however, not to purchase flood insurance, because you’re not required to. The $500 premium seems too high. What’s the worst that can happen if the fridge conks out? You replace it. It doesn’t affect your life. What happens if it starts to rain one day and doesn’t quit, and your home gets flooded? Without flood insurance, you will be on the hook for tens or even hundreds of thousands of dollars. Yet many people think their homeowners policy covers floods. Or they just don’t insure for it.
The following pages are designed to offer insight into numerous types of insurance. Settle in, take a tour. This website is new and expanding. Feel free to leave a comment or suggestion. Reach out if you have a question. Let us offer you a review of where you stand. Are your insurance policies doing for you what they were intended to do when you got them, or have your needs changed? We all put those policies in a drawer and forget about them. (Even us insurance professionals). Let us help you and be a resource for you!
“Failing to plan IS planning to fail”
Kenneth Tolchin, CPA
(561) 212-8092
Why We Do It:
Our Mission and our Passion
We have a looming crisis in our country. And its root cause is the single largest risk we face, one that is both invisible and intangible. And that risk is longevity risk. The number of people that live past age 90 will increase dramatically, and as a result, millions of people will exhaust their resources and be unable to pay for their costs of living, whether sick or healthy. The costs of long term care, already high, are projected to double in 20 years. But even for those that stay relatively healthy, the cost of health care premiums and other expenses will expand far greater than any increases in retirement income, such as social security and pensions. And it’s already happening. On a weekly basis, I speak with people whose parents are in nursing homes, or assisted living facilities, where the money has run out and bankruptcy has been declared. Others are spending much of their lives caring for parents, again because funds have been exhausted. I DON’T WANT ANYONE I KNOW TO GO THROUGH THAT. It can be avoided! I want to help people survive retirement.
The good news is that today’s insurance policies are more flexible than ever before. They are hybrid, and allow you to design them as needed for your situation: whether you want more long term care, or retirement income. But they also come with a guaranteed payout…no “use it or lose it”. They also offer numerous ways to fund the premiums, including from qualified funds.
As you can see, I offer many types of insurance. Some, like home and auto, are mandatory. Life and long term care are not. Yet these may be the most important vehicles for financial security.
So my job is educating people. Making sure they understand the risks that are facing them, and giving them the tools to reduce or eliminate those risks. That is why I get up in the morning!
