If you are like most people, you use a lot of different kids of insurance to protect you, your family, property, and business from damage, bad health, accidents, disability, and retirement. Too often, however, these policies are implement piece-meal. I invite you to approach them as part of a comprehensive, integrated plan.
Different Kinds of Insurance for Different Risks
Most kinds of insurance fits into these general categories:
Property and Casualty Insurances:
These include insurance to protect your home, cars, other vehicles, furnishings, jewelry, as well as personal liability insurance and umbrella insurance.
Business Insurances:
Business owners need insurance on buildings they own, equipment, computers, and also worker’s compensation, errors and omissions, and business interruption insurances.
Health and Disability Insurances:
Health insurance helps pay for medical services, such as at your hospital, primary-care physician, and specialists. Long-term care insurance helps pay for extended care not covered by health insurance or Medicare. Disability insurance helps replace your income if you are ever disabled and are unable to work.
Retirement Insurances:
Annuities and some forms of life insurance can replace your income after you retire.
Estate Planning Insurances:
Life insurance can replace your income; pay funeral expenses or debts; fund trusts; buy out a business; provide an inheritance; or equalize inheritances.
What You Need to Know About Insurance
Insurance’s main purpose is to manage risk and protect both you and your loved ones from loss. One the potential loss passes, you no longer need that respective insurance.
Actions to Consider
It can be difficult to coordinate all your different insurances and policies. Rather than try to do it yourself, you should work with financial professionals to make sure everything is working like it should.
These professionals normally may include a financial investment advisor, life insurance agent, health insurance agent, disability and long-term care insurance agent, a property and casualty insurance agent, estate planning attorney, and a CPA. This team may change as needed, and most will be willing to work as a team to provide you with comprehensive planning.
I would be happy to work with any advisor you already have or connect you with any advisors you may need.