It’s critical that your investment advisor understand your insurance coverages. When queried, our Four Peaks Wealth Management (FPWM) clients often confide that they hold several policies, usually including an old life insurance product or annuity. Still, they rarely understand how these products benefit them or their heirs.

At FPWM, we evaluate a client’s insurance needs right away; particularly life, disability, and long-term care. We often discover that clients do not have the right coverage. They may have too much, not enough, or even insurance they do not need. There are four areas we believe our clients should consider.

  1. Life Insurance: Purchasing life insurance accomplishes at least two objectives; insuring your family’s income in the case of a working spouse’s untimely death or as a means to transfer wealth to a younger generation. There are different types of life insurance policies, so it is important you work with a qualified advisor who can identify the most cost-efficient solution for your needs.
  2. Disability Insurance: Should you be injured or even worse, disabled and unable to work, replacing your lost income and maintaining your lifestyle are critical. While some employers may provide some type of disability coverage, many do not. If losing your primary income source is a concern, disability insurance is something to consider.
  3. Long-Term Care: The cost of a long-term care facility can become a crippling financial burden. The big debate for many individuals is whether to buy a long-term care policy to protect against that risk or to self-insure. The latter option essentially means spending down personal assets to cover the expense. While long-term care insurance is not cheap, there are many different types of policies; some even provide a death benefit to your beneficiaries in the event you do not require long-term care.
  4. Retirement Income: Annuities can help assure a certain level of retirement income. There are different types of annuities, some of which can provide guaranteed lifetime income for the policyholder and his or her spouse. This is a particularly good way to shift at least a portion of the risk to an insurance company and to sleep more soundly knowing an outside firm will provide you recurring monthly income in retirement.

FPWM is well-versed in analyzing the marketplace and recommending solutions that fit your specific needs. We have independent insurance agents on staff who can help identify the best products, at the fairest prices, tailored for you. Contact us today to hear more about how we can help.