Insurance Planning

Insurance planning is important if you want to build wealth and keep it safe. A homeowner who doesn’t have liability insurance risks their home if someone gets hurt on their property. It only takes one lawsuit to lose the money you’ve saved and invested for decades. Similarly, an accident that prevents you from working for a long time puts a huge financial burden on your family. Without insurance in place, you may have to sacrifice your retirement account or live on charity. 

After you have worked hard and spent many years building up significant wealth, it’s important to use insurance planning to protect your assets. Without insurance protection, you may unintentionally put your wealth at risk. Insurance is especially important for high-net-worth individuals. 

There are many ways insurance can protect your wealth. Here are some examples:

Liability insurance protects your personal wealth if someone sues you.
Homeowner’s insurance covers your home in case of storm damage, theft, or fire.
Life insurance offers a tax-free benefit for your loved ones in the event of your death.
Long-term care insurance covers in-home care, physical therapy, and other costs health insurance doesn’t cover.
When we help you create your insurance strategy, we think about insurance as adding a layer of protection around you and your wealth. Nobody can predict the future, but insurance can help you mitigate some potential scenarios that can derail your financial plan.

Insurance is not a one-size-fits-all product. Every person and situation is different. We’re here to help you figure out how to best protect your assets. These frequently asked questions can offer some guidance until you talk to one of our advisors.

What Type of Insurance Do I Need?
We can’t generalize what types of insurance you need, because it differs from one individual to the next. For example, if you have dependents, you probably want to set up term life insurance to provide for them in case of your untimely death. However, if you’re older and have significant savings built up, life insurance may not be useful. Please contact us, and we’ll offer our recommendations for your specific situation.

How Often Should I Revise My Insurance Plan?
Insurance needs to change over time. Young families may need life insurance, while elderly people often purchase long-term care insurance. It’s a good idea to evaluate your insurance policies at least once a year. We suggest reviewing your insurance policies around tax time every year, because your insurance strategy should be part of your financial planning. We’re happy to revise your policies as needed or create a new tailored solution for your new life situation. 

How Does Insurance Protect My Wealth?
Different insurance products can protect your wealth in unique ways. For instance, a general liability policy can protect you from legal claims someone makes against you. Without liability insurance, you may drain your savings to defend yourself in court, even if it’s not a legitimate legal claim. Insurance can also protect physical assets, such as your home or your car. Finally, insurance can replace your income if you’re not able to go to work.