Financial wellness can take shape in many forms, whether it be an individual or business. Having a plan in place can help guide us from where we are, where we are going, and how we get there. Along the way we are bound to incur obstacles, protection, amongst the other elements is the foundation in which our plan can be built from.
Over half of Americans over estimate the cost by 3x or more according to the latest “2019 Insurance Barometer Study, Life Happens and Limra”.
Just like the burning house we don’t get property coverage after the fire has started. In relation to costs – a little bit of planning will go a long way when we address this relative to our age and health. In addition, longer term planning may incorporate long-term care considerations. Many policies today provide additional benefits to offset these costs should we ever experience a qualifying event.
Do you plan to? Do we have a spouse, partner, or family that rely on us either for income to help with monthly expenses? What about the routine chores that may require hiring someone if we weren’t around?
Many employers provide coverage or offer opportunities through voluntary elections. This amount can vary from employer to employer. It is important to consider changing jobs, changing workplace benefits, or a change in our health may all be contributing factors to discontinued coverage or our options, if any.
We love educating our clients so that they may make informed decisions. Lydia Powell, Commercial lines producer, wrote about this disconnect between insurance professionals and clients, and it absolutely resonated with me that the most important aspect to our job is presenting ALL of the information even when that means asking the tough questions.
When is the last time you reviewed your plan? Policy reviews are vital to address our changing needs, updates to our beneficiaries, or other considerations.
Connect with me today by calling 608.827.4525 or emailing firstname.lastname@example.org