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Insurance Planning

Insurance planning is a crucial element in your financial plan that helps you and your family prepare for unexpected events and losses. Insurance can ease the financial burden when disasters occur by transferring the financial liability to your insurance policy's provider.

The Role of Insurance in a Financial Plan

Client Centered

Insurance is a means of transferring risk. Insurance can protect your assets against premature liquidation or provide funding for goals like college education. When a loss occurs, the assets you've worked hard to attain face liquidation if your insurance coverage is inadequate. While health, disability, and long-term care insurance help families prepare for unexpected injuries or illnesses, home and auto insurance offset the risk of catastrophic financial loss due to property damage, loss, personal injury, or accidents. Life insurance protects your beneficiaries from financial loss when you die.

For these reasons, having adequate insurance coverage is a foundational step in financial planning.

The Insurance Planning Process

The insurance planning process is unique to each individual. For each type of coverage, we follow three steps.

  1. Evaluate needs and current coverage
  2. Identify gaps
  3. Recommend solutions

What About Long-Term Care?

One of the most overlooked and misunderstood insurance topics is long-term care. This major expense has the potential to derail every financial plan at any age. According to the Administration for Community Living, a person turning age 65 today has almost a 70% chance of needing some type of long-term care services and supports in their remaining years. Whether care is needed at home, assisted living or in a nursing facility, and whether it is for a parent, family member or yourself, care can be expensive and stressful. Long-term care planning can help.

Work With an Insurance Professional

Lumena Financial Strategies offers insurance consulting and options for clients. Ready to talk? Contact the Lumena Financial Strategies team today.


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