Insurance Strategies
Are you protecting the things that matter the most to you?
Insurance is a term people often use but not one they always understand. For customers, insurance companies offer a contract (known as a policy) whereby an individual or corporation receives a promise of reimbursement against possible losses in exchange for a premium. Insurance companies pool risk this way; that means that, in the event an insurance company has to pay out a claim, the company is still bringing in revenue.¹
There are several types of insurance. Some of them—like life insurance—are straightforward. Yet, even in life insurance, there are many things to consider, like term vs. whole life. Other types of insurance, such as fixed indexed annuity contracts, might require even more explanation. You can buy insurance for your car, home, boat, or business. You can also buy insurance for things like needing long-term care in retirement, liability insurance for your business, disability insurance for your profession, and Medicare gap coverage.
People often talk about insurance as “protection,” but it’s really a form of risk mitigation. It ensures that, no matter what twists and turns come with life, clients don’t face their risks flat-footed. Nothing can protect you from risk. However, with a thoughtful, proactive, and detailed insurance plan (as part of a comprehensive financial plan), you may find yourself with more options than you would have had without insurance.
¹ “Insurance: The Complete Guide,” Investopedia, accessed February 27, 2020, https://www.investopedia.com/insurance-4427716.
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Licensed Insurance Professional. We are an independent financial services firm helping individuals create retirement strategies using a variety of investment and insurance products to custom suit their needs and objectives. This material has been prepared for informational and educational purposes only. It is not intended to provide, and should not be relied upon for, accounting, legal, tax or investment advice. 20403 - 2020/9/15
Investing involves risk, including the loss of principal. No Investment strategy can guarantee a profit or protect against loss in a period of declining values. Any references to protection benefits or lifetime income generally refer to fixed insurance products, never securities or investment products. Insurance and annuity products are backed by the financial strength and claims-paying ability of the issuing insurance company.
The insurance professional can provide information, but not advice related to social security benefits. The insurance professional may be able to identify potential retirement income gaps and may introduce insurance products, such as an annuity, as a potential solution. For more information, contact the Social Security Administration office, or visit www.ssa.gov.