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As winter approaches, many of us are preparing for the snow-filled days ahead. A bustle of activity as people pack up their summer toys, winterize their gardens, and install auto starts in their cars. Unfortunately, our winter wonderland can sometimes be treacherous and it is not uncommon for people to slip and fall on the ice or get in a fender bender after a snowfall. Preparing for the cold weather and any unforeseen incidents might also bring to mind whether your insurance coverage is ready for the unexpected.
As financial planners, we discuss risk management with our clients as part of their overall financial strategy. The types of coverage typically include:
- Umbrella Liability
- Life Insurance
- Disability coverage
- Long-term Care
We often find that clients have gaps in their coverage such as no umbrella liability policy, inadequate underlying coverage on auto and homeowner policies, the incorrect type and amount of life insurance, and insufficient or non-existent disability coverage. There are also additional considerations as you near retirement, such as health insurance coverage until age 65 when Medicare begins, supplemental Medicare coverage, and long-term care expenses.
A comprehensive review with your insurance agent can help you identify coverage gaps and provide better coordination among your current insurance policies. This might include an introduction or review of an umbrella liability policy and the necessary coordination with your homeowner and auto policies. You should also consider meeting with your HR benefits director to review your current employment benefits, such as the terms of your disability policy.
Although we do not sell insurance, risk management is an integral part of our comprehensive planning approach. Our review can help you prepare to meet with your insurance agent and we can provide additional information on the importance of proper coverage. Making the appropriate adjustments to your insurance helps “insure” you are prepared for the unexpected. So, while you are out there getting your new all-season tires put on, think about scheduling time to review your insurance policies.
Associate Financial Planner