As you think about your future and your finances, you don’t only need to plan for retirement and your estate – you should also be thinking about how the various insurance plans that exist fit into your long-term financial strategy. At Harvest Financial Planning, LLC, we know that insurance planning can be stressful and confusing. Our team is here to answer any questions you have and guide you in creating a sound financial plan. Consider some of these answers to frequently asked questions we hear about insurance planning–
What Types of Insurance Do I Need?
Insurance is there to help you prepare for the unexpected and give you peace of mind in the event that something happens that you can’t afford. Types of insurance that we typically recommend our clients strongly consider carrying include:
- Health insurance. For obvious reasons, carrying health insurance should be a top priority. Everyone should have health insurance.
- Life insurance. If you have children or dependents, carrying life insurance could be critical in the event that something happens to you, leaving your family without an income provider.
- Long-term care insurance. If you have a chronic medical condition that requires ongoing care, such as dementia or Alzheimer’s disease, long-term care insurance can help to pay for that care.
- Disability insurance. If you suffer a disabling injury that results in you being unable to work for a period of time, disability insurance can help to pay for a portion of your lost income.
How Large Should My Insurance Policies Be?
The size of the insurance policy you purchase is based on a number of individual factors, including your income and assets, your costs of living, how much you’re willing to pay in premiums, how many dependents you need to provide for, and more. Our team can work with you to help you secure the insurance policy that’s right for you based on your personal circumstances.
At What Age Should I Start Thinking About Life Insurance, Disability Insurance, Etc.?
It may surprise you to hear, but purchasing disability and life insurance policies when you’re young and healthy isn’t a bad idea, especially if you have dependents, because you never know when an accident could occur. Usually, we recommend thinking seriously about various insurance types at the time that you get married and have children; however, what’s right for you may not be right for everyone, and we are happy to review your situation and provide you with a personalized recommendation.
Call Our Financial Planning Professionals Today
If you have questions about how insurance planning fits into your overall financial plan, don’t hesitate to call our financial planners directly. We have answers to your tough questions about planning for the future, and we’re here to help. Reach us today by phone or online to get started.
This article is intended to assist in educating you about insurance generally and not to provide personal service. They may not take into account your personal characteristics such as budget, assets, risk tolerance, family situation or activities which may affect the type of insurance that would be right for you. In addition, state insurance laws and insurance underwriting rules may affect available coverage and its costs.
Riders are additional guarantee options that are available to an annuity or life insurance contract holder. While some riders are part of an existing contract, many others may carry additional fees, charges and restrictions, and the policyholder should review their contract carefully before purchasing. Guarantees are based on the claims paying ability of the issuing insurance company.