ShankerValleau 360°- Protect What You’ve Built with Insurance
The past two years have reminded us just how unpredictable life can be. Pandemics, wars, and political crises have left us asking ourselves and each other, “What could possibly be next?” But the reality is, pandemic or no pandemic, each day is unpredictable. Every morning brings the thrill of the unknown and the discomfort of events beyond our control. As wealth advisors, we cannot predict the future, but we can help position your financial life to weather various storms. Previously we covered investing during uncertain times, safeguarding your wishes, and drafting an estate plan. In the 5th article of our ShankerValleau 360 series, we’ll review insurance as a valuable tool for protecting your financial life and managing risk in an uncertain world.
Types of Insurance
Insurance is a critical component of a healthy financial life. Having the proper insurance coverages in place may assist an individual in avoiding catastrophic financial losses. Common types of insurance include:
- Property insurance to protect personal property, such as a home, vehicle, or water craft.
- Personal liability (or umbrella) insurance to protect both assets and future earnings from liability judgements.
- Life insurance to protect an individual’s family or dependents in the event of the individual’s pre-mature death.
- Health insurance to protect against catastrophic medical expenses.
- Disability insurance to protect against loss of income due to accident or sickness.
- Long-term care insurance to protect against the high cost of custodial or skilled nursing care.
As you read through this list, do you feel confident that you are properly insured? Or do you see holes that require additional investigation? Remember, each person’s insurance needs are unique and dependent on their net worth and individual risk exposure.
How can we help?
At ShankerValleau, we can work with you to review your entire financial picture and provide advice to avoid catastrophic financial losses. As fee-only advisors, we do not sell insurance, but our team may recommend trusted insurance professionals to assess your current insurance coverage and make recommendations.
We understand that discussing life’s inherent unpredictability and risk may leave you feeling uneasy. But the good news is that insurance is a great tool for taking back some control in situations that are largely beyond our control.