Protection & Insurance Planning

How does Insurance planning play a role in our Financial Life Plan® process?

 
By this point, you know that every single new client that works with our team begins by completing their Financial Life Plan®.

This plan will incorporate your income, expenses, taxes, insurances, short term & long-term financial goals and then show you exactly what needs to be done to become more efficient tactically in the short term and increase the plan success rate in the long run.

A lot of clients reach out to us because they are looking for tax management help, investment analysis & guidance or help with retirement & life goal planning. Maybe these are what’s motivating you as well. 

Here’s what we’ve found: 

No one likes having to think about insurance. No one likes having to think about getting sick or passing away prematurely. We especially don't like having to PAY MONEY to think about getting sick, injured, or passing away prematurely. And yet, it's a core part of having a financial foundation. Thinking that you have a financial plan because you have an investment portfolio (but not having an organized insurance set up) is like buying a really cool convertible that you keep outside all year long....what good is it if we're not protecting it?  

Protecting Your Family's Future

We will spend time, throughout the planning process, doing a deep dive on your family's risk management set-up. 

We will look at your current level of:

* Life Insurance Coverage

* Disability Insurance Coverage

* Property & Casualty Insurance

* Long Term Care Insurance 

and then determine if you are adequately covered given your income, expenses, life goals, and family dynamics. We will unpack what you have through your employer (if applicable) & what insurance you own individually. We will unpack the language in your company's disability insurance coverage and we will calculate whether the supplemental life insurance your employer offers your spouse is the most cost-effective option. 

We will propose specific & implementable risk management strategies and explain EXACTLY why we think they are necessary to better protect your financial plan. (Or...we will let you know why we believe you are already properly protected & that it's not worth supplementing your current level of coverage.) 

One of the most important differences between a fiduciary financial planner that addresses their client's insurance needs and an insurance agent (thankfully there are many!!!) is that our analysis & any potential recommendations we make are a part of your financial life plan and are tied into our conversations around your cash flow, investments, broader financial health, retirement probabilities and the like! 

You are paying for the Financial Life Plan & just like when it comes to your investments & retirement account strategy, you can choose to implement our recommendations or not. (Alternatively, you can also take our recommendations and ask your cousin/sister-in-law etc. to implement our recommendations if you'd like!)

Simply put, you will hear our unvarnished &  brutally honest assessment of your current insurance gaps and how to best address them. Then, if so desired, we will go out and get you the coverage through one of the many insurance companies that we work with.

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