Insurance planning is an essential part of financial planning because it protects you and your loved ones from the costs associated with illness, disability, accidents, and death. Being prepared for the unexpected ensures you can still be financially independent and achieve your personal and financial goals, even after an emergency or financial crisis.
Insurance Planning. Risk Management. Protection Planning. No matter what you call it, it’s a critical part of your financial plan.
Insurance planning provides peace of mind to you and your loved ones. Having the right insurance makes it easier to navigate financial obstacles when they occur. Depending upon your age, goals, health, family situation, and income, you may require various types and levels of insurance at different times. This is why it’s critical to evaluate your insurance needs at different stages of your life.
There is a financial side to staying healthy. The best financial plan in the world can fail if exposed to risks such as disability, premature death, or the need for long-term nursing care. In our increasingly litigious environment, it is also imperative to have adequate personal liability protection. Unexpected events can devastate your financial wellbeing, and as financial planners, it is our job to help you evaluate and mitigate these risks.
Once you have identified what you need to protect, consider what’s at risk. Do you have enough assets to pay for an emergency without compromising your personal and financial goals, including retirement?
Few people would own a home without homeowners insurance or drive a car without automobile insurance because they protect you in the case of an accident. So why go through life without life insurance or long-term disability insurance? Why consider retirement but not long-term care insurance?Learn About Our Process
There are other types of policies you may want to consider. For example, if you have an expensive collection of art, jewelry, cars, and even wine, insurance riders are available.
Remember, all your hard work and financial planning will be for nothing if you don’t have a proper insurance plan in place and are faced with an emergency. Retirement plans can be devastated, savings wiped out, and homes lost. Being underinsured can be as devastating as having no insurance, so speak with a financial planner or insurance advisor to ensure you are adequately insured.
Hope for the best… Plan for the worst.. ”
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