Risks are a part of our everyday life. Accidents, injury, illness, disasters, lawsuits, and business losses can jeopardize the income and lifestyle we’ve worked diligently to create. Risk management is part of your comprehensive financial plan.
It’s been said by many that insurance is a “necessary expense,” but when you need it, it’s a life-saver.
As part of your financial plan, your EWM financial advisor will look at your whole financial picture to help you determine your potential areas of exposure and discuss with you options and levels of coverage you may need to support your lifestyle and protect your loved ones.
Risk Management Solutions Include
Long Term Care Insurance Long-term care is costly, and Medicare, on average, covers less than 3% of these costs. With 70% of people who reach the age of 65 needing some form of long-term care services, planning now for how you’ll pay these costs is essential.
There are multiple ways to protect from the rising long-term care costs. Many insurers now offer ‘hybrid policies,’ which are life insurance policies with long-term care riders.
Life insurance seems like a no-brainer. The shop-on-line and get-a-60-second-quote ads can make it appear that purchasing life insurance is comparable to picking up a policy for your car.
Sure, it’s relatively easy to purchase a life insurance policy, but there are questions that many people don’t ask, such as:
How much do I really need?
What is the best way to determine how much protection I need?
Do I have enough saved to be self-insured?
For many, suffering from an unexpected disability or sickness can mean a loss of income. With a disability insurance plan, you receive the income you contracted to maintain your lifestyle without having to utilize your assets and investments.
Without disability insurance, you may lose the independence you enjoyed. A guaranteed income* can preserve your income and keep your family in the lifestyle you’ve created.
Having too much insurance can waste money that could be working toward your financial goals. Not having enough coverage could leave you with areas of exposure to risk that could threaten a significant financial setback.
Your EWM financial advisor works to stay informed about new insurance products. When you become a client of EWM, you are encouraged to schedule financial review meetings with your advisor. Reviewing your insurance in the context of your financial plan can help reduce your exposure, or from paying for too much insurance as your needs change.
We can not predict the market, but we can help you manage the potential risks. Is a long-term care or comprehensive disability plan right for you? Does your life insurance coverage align with your financial plan? Contact us to schedule a risk management consultation with an experienced EWM financial advisor.
*Insurance products are the only investment vehicle that is able to offer guarantees. These products are guaranteed by the financial backing and solubility of the issuing insurance company. It is important to understand these aspects of any insurance plan by carefully reading the offer documentation and discussing the risks and benefits with your financial advisor