Personal Insurance Planning

Personal Insurance Planning

Proper insurance coverage is the foundation of a comprehensive financial plan. Understanding the amount and types of insurance you require should be the result of sound analysis and reasoned considerations.

Life Insurance: As we grow older, get married, build families and start businesses, we come to realize more and more that life insurance is a fundamental part of having a sound financial plan. A few reasons why having life insurance is so important would be to protect your family and loved ones, leave an inheritance, pay off debts and other expenses, and to bring overall peace of mind.

Disability Insurance: Your income is the foundation of the life you created. Without income, everyday life and plans for the future are affected. When you fall ill or have been injured in an accident, you have enough on your mind without having to worry about where your next paycheck will be coming from. Of course, if you had disability income insurance, you may not have to worry at all. A disability insurance policy can offer you flexible, robust coverage that can help protect against the financial impact of a disability

Long Term Care Insurance: Long-term care insurance covers services designed to help you manage your quality of life. It differs from health insurance by reimbursing you for services that help you perform everyday activities if age, illness, injury, or a cognitive impairment makes it more challenging for you to take care of yourself. Because a health event can have a serious impact on a family’s finances, a comprehensive financial plan will often include a long-term care assessment as part of its insurance analysis or risk management section. It is important to consider the financial risks of certain unforeseen events such as disability or prolonged illness that could require some level of long-term care. The overall wealth effect on a family from a nursing home stay can be significant.