That Dreaded Topic

What would happen to your family if you were hit by the proverbial bus today?   What would happen to your finances? Your home? Your children’s education? Your favorite charitable organization? I know it is morbid to think about, but the world is riskier than ever, which is why risk management is one of my favorite topics to discuss with clients. It is one of the few issues where we can quantify and develop a potential strategy, or even a price for the strategy and its implementation, and transfer the risk to someone else.

Most people only think about insurance for their car or for their home, but they forget about, and sometimes, ignore their most important asset: Their Life.  When was the last time you reviewed your life insurance policies?  Well for 4 out of 10 people, the answer is never, that’s the number of people that don’t have any life insurance according to the LIMRA survey conducted in 2013.  For the other 6 individuals I am going to guess the answer is when the policy was sold, since that is the most common answer that I get when I ask this question of potential clients.

Insurance policies, like your investments, should be reviewed at least annually.  Has your need changed?  Has your risk changed?  Have you had a child? Has your reason for the insurance changed?  Have the costs of this type of insurance changed?  Insurance planning is not one size fits all.  It is a very vital part of the overall financial planning process since as the saying goes you only have one life to live!

So, if any of this is causing you to reconsider or even just evaluate where your insurance policies stand in regards to your financial goals and needs, reach out to us as we are offering policy reviews as a token of awareness for clients and potential clients for the month of September, as it is National Life Insurance Awareness month. Moreover, we will continue this awareness effort through the month of October.   Contact us at our office to schedule your time to come in and review your policies and needs.

Another thought From the Factory on Main

Best wishes


Peter Huminski

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.