What types of insurance do I actually need?
The answer depends on your stage of life, financial responsibilities, family situation, and goals. Many individuals benefit from a combination of life, health, disability, auto, and homeowners insurance, while business owners may have additional coverage needs. We help clients evaluate potential risks and determine what protections may be appropriate.
How much life insurance should I have?
Life insurance needs vary based on factors such as income, debt, family obligations, future education costs, and long-term financial goals. We help clients evaluate their situation and determine whether existing coverage aligns with their planning objectives.
Should I choose term or whole life insurance?
Term life insurance typically provides coverage for a specific period of time, while permanent life insurance can provide lifelong coverage and may include additional features. The right choice depends on your goals, budget, and overall financial plan.
Do I need disability insurance?
Your ability to earn an income is often one of your most valuable financial assets. Disability insurance can help provide financial support if an illness or injury prevents you from working for an extended period. We help clients evaluate whether disability coverage fits into their broader risk management strategy.
What is long-term care insurance?
Long-term care insurance is designed to help cover certain costs associated with extended care services that may not be covered by traditional health insurance or Medicare. These expenses can include assistance with daily activities, home care, or skilled nursing care.
When should I buy long-term care insurance?
Many people begin evaluating long-term care coverage before retirement, while they are still healthy and may have more options available. The appropriate timing depends on your age, health, financial resources, and overall planning goals.
What is an umbrella insurance policy?
An umbrella insurance policy provides an additional layer of liability protection beyond the limits of underlying policies such as homeowners or auto insurance. It may help provide coverage in situations involving significant liability claims.
How much umbrella coverage do I need?
The amount of umbrella coverage that may be appropriate depends on factors such as your assets, income, future earning potential, and liability exposure. We help clients evaluate their risks and discuss strategies to help protect their financial well-being.
What insurance should business owners have?
Business owners often consider multiple forms of coverage, including general liability, professional liability, property insurance, business interruption coverage, key person insurance, and workers' compensation when applicable. The right mix depends on the nature and size of the business.
How often should I review my insurance policies?
I generally recommend reviewing insurance coverage after major life events such as marriage, divorce, the birth of a child, career changes, starting a business, retirement, or significant changes in income or assets. Even without major life changes, a periodic review can help ensure your coverage remains aligned with your goals.
Why work with a CFP® professional and fiduciary advisor for insurance planning?
Insurance decisions don't happen in a vacuum. Life insurance, disability coverage, long-term care planning, retirement planning, estate planning, and wealth management are often connected. Our team includes CFP® professionals and fiduciary advisors who help clients evaluate insurance decisions within the context of their broader financial plan, providing education and guidance designed to support informed decision-making.
