Planning · April 27, 2021

The Valuable Role of Insurance

Unexpected financial and health risks are part of life. Often, the effects can be devastating, especially if you’re not prepared.

That’s why an in-depth insurance discussion and coverage evaluation are essential steps in the financial planning process. Coordinated with your financial plan, insurance can ensure your objectives are fulfilled as you intended–even when the unexpected occurs.

There are two different ways to help ensure you have the right coverage.

Needs Analysis: What are your insurance needs today?

If you don’t have a full understanding of how much insurance you need, you should consult your wealth planner. They’ll use industry-leading planning tools to help see your financial goals in a new way. Based on your input, they:

  • Help you prioritize financial goals as needs, wants and wishes
  • Give you a new perspective on your current insurance protection
  • Identify possible coverage gaps
  • Account for both personal and group/work plans

Following the planning conversation, your planner can tailor a program to fit your current coverage needs and also provide opportunities for savings.

  • Specific coverage areas discussed include:
  • Replacing lost income
  • Paying off potential debt
  • Providing for future educational expenses
  • Covering funeral costs
  • Planning for when your health changes
  • Legacy planning

Efficiency Review: Is your current coverage the most efficient for your needs?

Many changes in the industry mean that the cost of insurance has dropped for some people, and there are more options available for a variety of needs. An insurance review evaluates whether you’re getting the most for your money with your current policies, including:

  • Individually owned life insurance
  • Group life insurance through work
  • Long term care coverage you own
  • Personal disability income protection
  • Group disability insurance

When was the last time you reviewed your current policy? For many people, it was when they bought it. Since then, your lifestyle, expectations and goals may have changed. Insurance products have evolved, too, offering a wider variety of benefits and more coverage for lower premiums for many individuals. That’s why it is important to review coverage from time to time.

  • An efficiency review of your current coverage provides these benefits:
  • Evaluation of original vs. current goals
  • Comparison of what you have to what you need
  • Discussion of possible changes to address coverage shortfalls
  • Summary of underwriting improvements in the market
  • Performance analysis of current policies based on their original illustrations
  • Carrier assessment–are you with the right insurer?
  • Review of new products that may enhance your coverage

An insurance discussion helps you expect the unexpected. Ask your planner for more information on how to get started.


A few financial insights for your life

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