WEDNESDAY, DECEMBER 14, 2022
Today’s financial marketplace has many participants who provide financial products and services on their customers’ behalf. Banks and insurance companies are two such groups. And though they have different business models and risks, they both work to provide their customers with suitable ways to invest and manage their money.
As financial intermediaries, banks and insurance companies function differently. An insurance company insures its customers against certain risks, such as car accidents, house fires, or other covered incidents. In return for this insurance, customers pay a regular insurance premium. The insurance company manages these premiums by making suitable investments, functioning as a financial intermediary between its customers and the channels that receive their money. For instance, an insurance company may channel this premium money into investments such as commercial real estate or bonds.
Insurance companies tend to invest the premium money received for the long term to meet their liabilities as they arise. On the other hand, banks accept short-term deposits and make long-term loans, which can sometimes mean a mismatch between liabilities and assets.
We are dedicated to providing the best advice on savings, investments, tax planning and retirement planning. Our licensed representatives offer life insurance, retirement plans, mutual funds and annuities, college savings opportunities, long-term care and disability plans.
Financial services are broadly defined as specific banking, investing, and insurance activities. Perhaps one of the most critical life stages is retirement, and it’s never too early to begin planning for this significant time. There are many ways people choose to save for retirement, and it often depends on what best meets their financial goals and objectives. Five commonly used retirement vehicles include employer-sponsored retirement plans, 401(k) plans, individual retirement accounts (IRA), qualified retirement plans and Roth IRAs.
Our insurance agency’s team of professionals helps our clients through a range of products and services customized to every life stage.
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