Insurance is a way of managing risk.
Most of us have heard about the importance of having insurance, but is it really necessary? Usually the answer is “yes,” but it depends on your specific situation.
A home is insured for the protection of your mortgage and replacement costs of your home, insuring a roof over your head for you and your loved ones. Vehicles are insured because few people could afford the repairs, health care costs, and legal expenses associated with collisions without coverage.
Income protection, protecting against untimely death, and providing for those who matter most to the insured, are all reasons to consider having adequate insurance coverage. Have you prepared appropriately?
Types of insurance that may belong in your financial plan include:
- Life Insurance – Term and/or Permanent
- Long-Term Care Insurance/Planning
- Disability Insurance
- Health Insurance
- Medical Savings Accounts
There are often expenses associated with insurance, that consumers are unaware of, including mortality and expense charges, account fees, underlying investment management fees, administrative fees, and charges for optional benefits. The costs and availability of insurance are dependent upon factors such as age, health, type of insurance, and amount of insurance purchases.
Through a needs analysis we will discuss where insurance fits in to your overall financial plan, allowing you to decide how you may elect to insure the future of those you care about most.