Financial Insurance Planning: Why the Often Overlooked Benefits Should Matter to You

Financial Insurance Planning: Why the Often Overlooked Benefits Should Matter to You
01 Dec 2018
Although the benefits of financial insurance planning are often overlooked, this could make a big impact on your overall financial plan. Learn more here!

Mention financial insurance and most people would assume you’re talking about business. And they’re not wrong. A lot of businesses buy financial insurance to protect against uncertainties in the business.

It could be from partners who don’t hold up their end of the bargain. Or it could apply to trading activities both locally and internationally.

Of course, financial insurance isn’t limited to corporations. Individuals also stand to benefit from a financial insurance product. Here, we’ll talk about the need for financial insurance planning and how it impacts your future.

Financial Planning: Why Everyone Needs It

One misconception some people have about financial planning is that it’s only for the super-rich. But every time you list your expenses for the month or set aside money for your emergency fund, you’re in fact, planning your finances.

But there’s a way to elevate that process. If you want to make more sense of your current financial situation or if you want to get into investing, financial planning can help you realize those goals.

The good news is you don’t have to navigate these matters by yourself. You can work with a financial advisor, who can help you come up with a solid plan for your future.

If you want, call it future planning so it sounds less intimidating. But the goal remains the same. You want to feel secure about your future and a solid financial plan can help you get there.

Insurance and Your Financial Plan

Since the future is unpredictable, your financial plan needs to be flexible enough to protect you in case of a disability or any other event that could have dire financial consequences for you and your family.

This is where insurance products come in. We’re talking about life insurancelong-term care insurance, disability insurance, and so on.

You may already know about these and may have bought policies from years ago. But you may be surprised to know that 40% of Americans don’t own life insurance. It’s unfortunate, considering, life insurance can be a wealth-building tool, as any financial planner would tell you.

Financial Insurance Planning and Your Loved Ones

Did you know that life insurance is one of the safest and most reliable investments for a lot of families? A life policy has certain tax advantages over a savings bond or other types of investment.

For one thing, the death benefit isn’t subject to taxes. Of course, if you’d rather not think about that now, you’ll be happy to know that single premium life insurance also offers benefits that can be enjoyed during your lifetime.

When you need to, you can get access to the cash value of your policy at any time. You may also take a loan against your policy if you want. Or go for a policy that can be used to pay for long-term care.

All these and more will ensure that your loved ones are protected in case something happens to you.

Want to Know More About Financial Insurance?

We can help. Let’s talk about your financial insurance planning needs in detail, so don’t hesitate to contact us.

For more financial planning-related topics, feel free to browse the rest of our blog.


Daryl Seaton