Insurance

<span style="font-weight: 400;" data-mce-style="font-weight: 400;">Insurance Planning Is Part of Your Financial Plan</span>

Insurance Planning Is Part of Your Financial Plan

Having adequate insurance is one of the best ways to protect your financial future. You want insurance coverage in your arsenal, because you can’t predict what the future brings. Life insurance, disability insurance, and long-term care insurance are all part of a financial plan to protect you and your loved ones from loss of income. in case something happens to you.

For example, life insurance can provide for you loved ones in the event of your death while disability insurance provides you with an income when you’re no longer capable of working. Our financial advisors understand it’s not necessarily fun to think of worst-case or what-if scenarios, but we encourage you to add insurance to your financial plan.

Why Is Insurance Planning Important?

Without comprehensive insurance planning, you’re putting your hard-earned assets at risk. It only takes one minor disaster to wipe out a retirement account, which could be prevented with the right insurance product. Our insurance planners can help you figure out what type of insurance makes the most sense for you and devise a plan to protect you.

What Type of Insurance Do You Need?

Your insurance needs are specific to your situation. What type of insurance you need really depends on your circumstances. We’re happy to go over your financials and make recommendations for you. For now, let’s take a look at the different options and what they’re for:

  • Whole life insurance
  • Term life insurance
  • Long-term care insurance
  • Disability insurance

Whole life insurance is a traditional investment product. While it’s designed to pay out at the event of your death, the policy itself builds cash value over time. How much your permanent or whole life insurance is worth depends on how long you’ve been paying into it.

Client Centered

Term life insurance is a more affordable type of life insurance that lasts for a specific amount of time. For example, you can get term life insurance for 20 years. It’s relatively inexpensive and can provide for your family if you die while your dependents still need your financial income.

Long-term care insurance can pay for things health insurance doesn’t cover, such as a nursing facility, a home health service, or physical therapy. You can purchase a long-term care policy for a specific benefit amount over a specific period of time. For example, it might cover $200 a day for 3 years. If you need less than $200 a day for long-term care expenses, it would provide for you longer.

Finally, there’s disability insurance. Disability insurance can replace your income if you become incapable of working at your job. It could be a serious injury or loss of limb that makes it impossible to perform the primary functions of your job.

FAQs about Insurance Planning

What Does Insurance Planning Have to Do with My Finances?

Insurance is the foundation for your wealth. It acts as a protection against the unforeseen, allowing you to keep your investments safe and provide for your loved ones even when disaster strikes. If you have all the necessary insurance policies in place, you can rest easy at night.

How Much Life Insurance Should I Get?

There are different suggestions on how to calculate the ideal life insurance amount. Some people recommend using a multiple of your annual salary. You could also calculate the financial needs of your dependents until they’re old enough to care for themselves. Life insurance also needs to cover funeral expenses and any debts and financial obligations you leave behind.

Is Insurance Affordable?

Yes. The cost depends on the type of insurance policy you get, your age, and sometimes your health. Generally, you can get term life insurance for a very affordable price, and you don’t even need a medical exam in most cases. The question is, can you afford not to have insurance if something happens? 

What Can an Insurance Policy Do for My Loved Ones?

Your insurance policy is there to provide for your loved ones when you’re no longer able to. If you’re one of the wage earners in your family, you must make sure your family has alternative income sources when yours is no longer available. This could include a term-life and long-term disability policy. 

Let’s Evaluate Your Insurance Coverage

We believe in insurance as part of a financial plan to help you grow and protect your wealth. It’s time to evaluate your current insurance coverage to make sure it serves your needs. Contact us today to schedule an appointment with one of our financial advisors.