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Insurance & Risk Management

Comprehensive Insurance & Risk Management Solutions

Discover comprehensive Insurance & Risk Management solutions provided by BMS Financial Advisors in Rapid City, South Dakota. Our experienced professionals are dedicated to helping you safeguard what matters most in life. Explore our expertise in long term care, life insurance, annuities, end of life planning, and beneficiary analysis. From protecting your loved ones' financial security to securing your assets and planning for the future, we offer tailored solutions to meet your unique needs.

<strong>Long Term Care</strong>

Long Term Care

Long-term care refers to enduring assistance and support provided to people who have chronic health conditions, disabilities, or other functional limitations that make it difficult for them to perform daily tasks on their own. This type of care can be provided in a variety of settings, including nursing homes, assisted living facilities, and home care. It's important to plan for these situations with proper insurance coverage, as the benefits of long-term care planning are significant. These benefits include improved quality of life, relief for family members or caregivers, peace of mind, and socialization for loved ones.

Life Insurance

Holding individual life insurance provides financial security and peace of mind for you and your family by providing benefits to your beneficiaries in the event of your death which can help them maintain their standard of living, pay for final expenses, and cover outstanding debts. Our policies can be customized to fit your specific needs and budget such as paying for college tuition or funding a business buyout. 

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<strong>Annuities</strong>

Annuities

An annuity is a financial product that provides a regular stream of income to an individual or a couple over a specified period or for their lifetime. Most annuity options focus on retirement planning, although they can also serve other purposes like long-term care planning, tax-deferred savings, estate planning, charitable giving, and deferred compensation. BMS Financial Services offers multiple annuity financial products such as:

  • Fixed Annuities: Offers a fixed interest rate, providing a predictable income stream over the agreed-upon period. They provide stability and  protection of the principal investment.
  • Variable Annuities: Allows you to invest your contributions in a range of investment options, typically mutual funds.
  • Fixed Index Annuities: Combines the features of both fixed and variable annuities, and offers the potential for higher returns while providing a minimum guaranteed interest rate. The interest rate is tied to the performance of a specific market index, such as the S&P 500.
  • Income Protection Annuities: Also known as a guaranteed income annuity or immediate annuity, these annuities are designed to provide a reliable and steady stream of income for a specific period or for the rest of the annuitant's life.
  • Volatility Reduction Annuities: are designed to help mitigate the impact of market volatility on an individual’s investments. The goal is to provide a level of protection against significant market downturns while still offering the potential for growth.
  • Death Benefit Annuities: also known as survivorship or beneficiary annuities, a type of annuity that provides financial protection and support to beneficiaries upon the death of the annuitant.

End of Life Planning

End of life planning can provide peace of mind for both you and your loved ones by ensuring that you and your family’s wishes are known and that your affairs are in order. We have a network of attorneys that can help you create advance directives, such as a living will or healthcare power of attorney, so that you can control the medical treatment you receive if you are unable to make decisions for yourself. We also focus on your financial security with our estate planning services like creating a will or trust, ensuring that your assets are distributed according to your instructions. Clear communication about your end of life plans can help provide emotional support for you and your loved ones and BMS Financial Advisors can help you provide this support.

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<strong>Beneficiary Analysis</strong>

Beneficiary Analysis

We can provide you with a comprehensive evaluation of your existing beneficiary designations, allowing you to better manage and mitigate risk in your financial planning. By working with our team of experts, you can rest assured that your beneficiaries are aligned with your overall financial goals, and that your assets will be distributed according to your wishes. Our customized approach and attention to detail will give you the peace of mind that comes from knowing your financial affairs are in order. With BMS Financial Advisors, you can be confident that you are making informed decisions and maximizing the value of your financial resources.