Insurance remains the foundation of any financial plan as it can both save and support an investor’s assets and earnings in the event of accidents, illness and death. But what kind of insurance is needed?
The best way to protect yourself and your family is to have coverage for your greatest assets- your life, your home, your income and your health. Equally important is having the right type and amount of coverage because nothing is worse than needing to cover unexpected expenses and discovering you are underinsured.
Other important considerations:
Even more valuable than your home and portfolio can be your earning power. If you become disabled or ill and can no longer work, you may be jeopardizing your greatest asset-future income. Talk to your Advisor about a disability policy that can help cover household income needed for:
Insurance products may sound alike but vary greatly in terms of the needs they serve. Some are better suited as investments, to provide protection and/or to support a legacy through estate planning. Too often the wrong types of policies (or the wrong amounts) are chosen, potentially leaving families under protected or not protected at all.
Premium costs are determined based on the age and health of the insured so it is critical to invest sooner than later to help ensure eligibility for the most comprehensive, cost efficient coverage.
Insurance needs can change over time so a systematic review is critical to make sure that coverage remains adequate while confirming that the list of beneficiaries has been updated.
At American Investment Planners LLC, we can take care of all of your insurance needs and make sure that the most appropriate products are recommended. We offer:
Avoid Probate… When beneficiaries are properly designated, retirement accounts can help avoid the costly and drawn-out process of probate.
Prevent Family Feuds… Proper beneficiary designations along with the continuous review of your family dynamics can help reduce the risk of family battles when your estate is being settled.
Combine Teams… Minimizing both estate and income taxes by designating the appropriate beneficiaries can be challenging but coordinating the efforts of you financial planning and legal teams can help streamline the inheritance process.
Name that Trust…Naming a trust as an IRA beneficiary can help them take possession of your retirement assets in the event the true designee is unable to due to their age, a disability or is unable to responsibly manage a large sum.
Manage Income with RMDs… Coordinating the income stream from required minimum distributions, along with naming the appropriate designated beneficiaries can help assure you can live the same quality of life in retirement while planning your legacy.
“Whether you have a young family or an elderly spouse, buying the right kind of insurance is one of the best ways to protect loved ones from unnecessary hardship. It is also the promise you make to leave them financially secure so that they can carry on at a very difficult time.”
- Brian Amato, Certified Financial Fiduciary®, Vice President
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