Insurance
Factors to Consider When Updating Insurance Coverage
Insurance coverage tends to be the stepchild of family financial planning. All to often, insurance is obtained and then put on autopilot, only to be found inadequate when a disaster or problem strikes.
What to Look for in a Long-Term Care Policy
Long-term care coverage can be complex. Here’s a list of questions to ask that may help you better understand the costs and benefits of these policies.
The Other Sure Thing
Planning to achieve your objectives is important but protecting your ability to do so is too often neglected. When we speak of protection and risk management, we are referring to insurance. We can assist you in the acquisition, analysis and maintenance of your policies.
- Life Insurance*: Sure, it provides financial protection for the family in the event of the premature death of a loved one, but it can be so much more. As a financial planning tool, it can be used to:
- Leverage wealth passing to the next generation;
- Charitable gifting and bequests;
- Provide estate liquidity to cover estate taxes and other estate settlement costs;
- Deferred compensation plan
- Disability Insurance: Often, there may be disability coverage through an employer or other group plan. These policies can be complicated, and it is important to understand what is and is not covered.
- Health Insurance: This often provided in the work place but may be problematic where it is not or where one retires or terminates employer before becoming eligible for Medicare.
- Long Term Care Insurance: LTC has become more popular and more expensive in recent years. Coordinating this coverage with life insurance and legal planning strategies** can help streamline your coverage.
- Property and Casualty Insurance***: This may include automobile, homeowner, business, cybersecurity, environmental damage and excess personal liability coverage. Coverage coordination issues may arise regarding asset titling and coverage gaps.
Coordinating all of your insurance coverage is a financial planning question and one addressed by our comprehensive financial planning process.
*New York State Department of Financial Services Notice: Notice of additional life insurance and annuity policy rights for NYS policy owners who can demonstrate financial hardships as a result of COVID-19. See the following NYS Dept of Financial Services Notice: https://www.dfs.ny.gov/industry_guidance/coronavirus/model_producer_notice/life_annuity_fraternal.
** Lincoln Financial Advisors and its representatives do not offer legal or tax advice. It is not our position to offer legal or tax advice. This information should not be construed as legal or tax advice. You may want to consult a legal or tax advisor regarding this information as it relates to your personal circumstances.
***Family Wealth Decisions Group and its team members are not property and casualty insurance licensed and refers property and casualty insurance inquiries and reviews to appropriately licensed entities.