Insurance Planning

Insurance planning and risk management need to play a vital role in your overall financial picture. Because this is the defense to your retirement, where your income and investments are your offense. Your financial future has the best odds of success with an offense and a defense. But for many Americans, insurance planning simply doesn’t happen. It’s not a priority. And this makes sense on the surface. Because think about it, who enjoys planning for terrible events like disability or death? Absolutely no one. That’s why people don’t even like to talk about it, not to mention set up a plan for it. However, there are numerous risks that can wreak havoc with even the most well thought out financial plan. And anyone can be susceptible to a catastrophic event that results in disability or death.

Why Insurance Planning Is Crucial 

 Effective risk management is crucial to a successful financial plan and investment portfolio to help protect against life’s unexpected events. With properly structured life, disability, long term care, and supplemental insurance, you can transfer the financial risk of unforeseen events to the insurance company. Having this insurance policy in place can protect your income, retirement, and peace of mind if something terrible were to ever happen. Without an insurance policy, the disaster and its financial consequences are that much worse. Although insurance is the solution for many risks, it is not always the solution. However, it is important to have adequate insurance to protect your wealth. The rising cost of health care is also a major concern to many people as they approach retirement. How can health care costs affect your ability to save hard-earned retirement assets? What about health care costs not covered by traditional systems? The financial challenges associated with long-term care can easily erode an entire lifetime of savings. That can cut into the lifestyle you wanted during retirement or place a heavy financial burden on your children. From disability insurance to long-term care insurance and Medicare supplemental plans, it is important that you talk to your financial advisor about this topic so you can make the right choices and protect your financial assets. The last thing you need is an unexpected accident that not only makes you disabled, but forces you to stop working, kills your income, and creates expensive medical bills, and lets destroys your family’s future.

Pick The Right Insurance Policy

 Life insurance and long-term care insurance are two very personal and vital considerations of your overall retirement plan. It is crucial that these policies be coordinated with both your financial advisor and a qualified insurance professional. Simply buying long-term care or life insurance from an insurance salesperson could lead to the wrong types of policies for you and your loved ones. How do you make sense of all the confusing and conflicting claims about insurance products and fixed annuities? How do you decide how much insurance is enough? It is imperative to evaluate your overall risk exposure and the cost-effectiveness of your current insurance coverage. There are many different types of policies to consider, different price levels and ways they can be owned. Talk to a qualified insurance and financial services professional today to help guide you through the options below so that your protected now and in the future.

Different Types Of Insurance Policies

 You will be better protected when you insure yourself, or your family, with some of the following insurance policies. Life insurance - Say worst case scenario happens, and you or someone in your family passes away. With no life insurance, your spouse and kids could be thrown into financial turmoil. With life insurance, they will receive a payment to keep their standards of living similar and continue their education, for example. Disability insurance - If you have disability insurance, a portion of your income will be replaced in the event you cannot work anymore. This helps alleviate the financial burden of an injury. And you can buy this through your company or on your own. If you do physical labor or work a dangerous job, this is especially helpful. Long-term care insurance - This type of insurance is picking up popularity based on the rising costs of a nursing home or at home care for the elderly. Plus, you never know when Social Security is going to run out. A financial professional is the best resource to understand if this insurance is right for you. Health insurance - Often an employer will cover your health and dental insurance, whether it’s full or half coverage. Although you can also buy it privately on your own, health insurance monthly payments are often cheaper through your employer. But suffer a medical setback without insurance, and you could be in tens to hundreds of thousands of hospital debt. Homeowners insurance - Needed for both damage to your home (flood, fire, tornado, etc.) or someone getting hurt on your property, homeowners insurance can protect you from six figure damages or more. There are many different types of homeowners insurance, so get the coverage that best fits your situation. Auto insurance - Auto insurance is important because it not only covers your car’s damage, but also another car’s damages and liability damage for an injury caused by your car. It’s illegal to drive without basic insurance, but some more expensive packages could be worth it to prevent a financial disaster.