Domenick & Associates Specialty Insurance Programs Delivering Individual Financial Services Products

The Financial Services division of Domenick & Associates assists clients with income and wealth protection strategies with a particular focus on individuals and businesses considered specialty risks by the insurance industry. With the ability to place necessary coverages for individuals, businesses, and nonprofits, we can satisfy a wide variety of insurance needs for our clients.

One of our specialty areas of focus is with medical professionals. We have advanced expertise in assisting residents, fellows, and physicians with their insurance planning. We understand the significance of the definition of disability and use our vast resources to conduct analysis and provide guidance based on the chosen or planned specialty of a client. To provide a higher level of value, we also partner with various professionals who provide services needed by these individuals such as accountants, contract attorneys and investment advisors.

Managed by Matthew J. Domenick, our Financial Services division is not affiliated with any particular insurance company and acts as an independent broker. With access to over 65 different insurance companies, clients receive a non-biased view of the different products offered. This allows Domenick & Associates to provide solutions in line with the best interest of the client.

Our Individual Products

We offer the following key products for individual asset protection.

Life Insurance

Life insurance, in addition to providing for dependents, can play a critical role in addressing many other financial issues, including the perpetuation of wealth, facilitating the transfer of business assets or protecting beneficiaries from taxes and other estate costs. Life insurance products provide a broad array of options that individually or combined can meet your financial needs.

There are several types of Life policies available, including Term products, the standard for dependent protection, as it provides high payouts for a relatively low investment. Term Life insurance is primarily used to provide a comfortable standard of living for spouses and children in the event of an untimely death of a provider. These policies can hold a level payout for the life of the policy or can be structured with a decreasing benefit the older you get. The structure is a factor in the policy’s pricing.

A Whole Life insurance policy, sometimes call Permanent Life insurance, has many different uses and comes in various forms, including Universal Life. Whole Life policies develop cash value as they mature. Depending on the type of permanent insurance you choose, you can pull out that cash value to use in a business buyout or for another purpose, or you can apply it to your premium payments in some Universal Life policies. You can borrow against it in some cases or just leave it alone to build the value of your policy and your future payout. We can discuss all your options with you.

Disability Insurance

In the event of injury or illness that prevents an individual from performing his or her specific duties, Disability insurance coverage when well-structured is designed to safeguard the significant investment of time, energy and money that goes into building a demanding a career, such as with medical professionals. Residents and fellows, for example, have the promise of a high-income, rewarding career, and a disability can derail their future without proper income protection. Established physicians want to maintain their lifestyles and meet their obligations, and require the type of Disability policy that will allow them to do so in the event of an injury or sickness. Domenick & Associates will review the type of policies available with you to make an informed decision, including how occupational specific benefits and rates are addressed and the definitions of what is or isn’t a disability and whether one is considered totally disabled or only partially disabled.

Long-Term Care

We also work with clients to provide Long-Term Care insurance. This is critical to one’s personal planning in the event you or a loved one may need long-term care as a result of age, illness, or accidents. In cases where such care is required, the financial impact can be devastating without appropriate planning. In fact, according to the federal government, in the year 2020, some 12 million older Americans are expected to need long-term care, with most cared for at home.

A Long-Term Care insurance policy will provide you with the ability to receive care in a nursing home, assisted-living facility, or in your own home – with several types of policies available. There is an indemnity or “per diem” policy, which pays up to a fixed benefit amount regardless of what you spend. There is also an expense-incurred policy, where you choose the benefit amount when you buy the policy and you are reimbursed for actual expenses for services received up to a fixed dollar amount per day, week, or month. Some companies also offer “integrated policies” or policies with “pooled benefits.” This type of policy provides a total dollar amount that may be used for different types of long-term care services. There is usually a daily, weekly, or monthly dollar limit for your covered long-term care expenses. Again, we will go over the various types of policies available to determine what best fits your needs.