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What happens if your best laid plans don't happen the way you saw them happening? Even with proactive planning, sometimes events happen in your life that you didn't see coming. These events could dramatically impact your lifestyle, your retirement dreams and even your ability to take care of life's most fundamental activities. In order to ensure that you and your family will not suffer financially if one of these events occurs, we factor insurance into ourQuality Financial Planning process.

Risk Management

Risks can take many forms throughout life. In order to ensure that the risks to your livelihood are minimized, we ensure that our clients have adequate, economical insurance for their changing lives. We work with each of our clients and thoroughly review your existing insurance. We talk with you about risks that you are concerned about and discover ways to help manage those risks.

The review will find one of three things: You don’t have enough insurance, you have too much insurance or your insurance needs are met. Even when you have the correct amount of insurance, you may not have the right type of insurance, or are paying too much for the type of insurance you have. As with all things in our practice, we begin with a plan and examine your needs to determine how insurance fits in your budget and your goals for you and your family.

Tax-free Dollars

Money that is available at a time of diagnosis, injury or premature death ensures your goals and priorities are taken care of in the manner you planned for. This money is usually tax-free to you and your beneficiaries, meaning you are left with one less thing to worry about. This can involve supplementing your income in case of an injury or medical diagnosis, or taking care of taxes owing on a vacation property should you pass away. Tax is a focus in our practice and insurance can ensure that you and your family can keep more of your wealth in your pocket, rather than giving it to the government.

Insurance as Diversification

Investors are always searching for ways to diversify their investments. While many people see insurance only providing a risk-mitigation function, insurance can also help to diversify investment portfolios. If we look at insurance, and its many forms, as part of an investment portfolio we must consider the rate of return that these investments can provide. As mentioned previously, the tax-efficiency that these investments can provide becomes very attractive when looking at rates of return.

Depending on the type of insurance you need and the insurance provider you purchase insurance through, you may have access to “alternative investment” pools. For more information on how insurance can be used to diversify your investment portfolio, please give our office a call. 

Through planning, we have found that reallocating some assets into an insurance portfolio can enlarge retirement assets and protect overall estate values. Whether you have insurance now or not, a review is free and can present savings opportunities now and into the future. Saving your family and lifestyle from unnecessary financial struggles is a key part of what we do.

To book an insurance review or to discuss how insurance can help to minimize your risks, please give us a call at (403) 220-9808 or send us an email.