Insurance Planning

Life insurance isn’t the only insurance product your financial plan needs. Insurance is the best way to protect your financial assets. Different insurance policies cover unique events. For example, without long-term care insurance, you may spend a significant portion of your wealth on medical care that’s not covered by your health insurance. Similarly, disability insurance protects your income-earning abilities, ensuring you can cover your expenses even if you’re unable to work. 

Life and disability insurance cover separate events. Life insurance is most important when you have significant debt, few assets, and people in your life who financially depend on your income. Your life insurance policy should provide for the dependents until they’re old enough to care for themselves. At the very least, it should provide significant relief to their primary caregiver.

Disability insurance can replace some of your income if an injury makes you unable to work at your regular full-time job. It may provide temporary assistance while you recover from your injuries or receive training for a new career in a different field.

What Does Insurance Have to Do with My Finances?

Your insurance policies are like an umbrella. They can’t stop the rain from coming, but they can keep you safe and dry underneath. Your insurance is there to protect you, your family, and your financial assets you’ve accumulated over the years. Without insurance, you’re taking on more risk than you need to.

How Much Insurance Should I Carry?

How much insurance you need depends on your financial situation. If you’re the primary earner, your life insurance policy takes care of your family’s financial needs when you’re no longer around. Your insurance needs will change as the kids grow up and move out. To find out how much coverage you need, schedule an appointment with our financial advisors. We’ll look at your financial situation and provide you with the best recommendation to fit your needs.

Will My Family Be Taken Care of If I Pass?

If you want to ensure your family is taken care of, it’s important to review your insurance policies with our financial advisors. Most experts recommend insuring your life for a multiple of your annual earnings. But it all depends on your financial situation. If you have limited assets, lots of debt, and young dependents, you may need more. 

Don’t wait to review your insurance plan. It’s important to protect your loved ones and your financial assets with the insurance policies that are right for you. Contact us today to schedule an appointment to review your insurance needs.