Insurance Review & Protection
Protect your family's financial future with comprehensive insurance coverage. Learn how to choose the right policies, optimize coverage amounts, and integrate insurance into your overall wealth strategy.
Why Insurance Is Critical for Family Wealth
The Financial Impact of Being Uninsured
Average lifetime earnings lost from premature death of primary earner
Income replacement needed for surviving spouse and children
Average annual cost of disability without proper coverage
Life Insurance: Your Family's Financial Lifeline
Pure insurance protection for a specific period. Most cost-effective for large coverage during peak earning years.
Permanent coverage with guaranteed cash value growth. Both protection and conservative investment component.
Mortgage, credit cards, loans
8-10x annual income replacement
Remaining balance to pay off
Future college costs for children
Disability Insurance: Protecting Your Income
The Hidden Risk
You're 3x more likely to become disabled than to die during your working years. Yet only 5% of workers have adequate long-term disability coverage outside of work.
- Coverage Period: 3-24 months
- Benefit Amount: 60-70% of income
- Waiting Period: 0-14 days
- Coverage Period: To age 65 or lifetime
- Benefit Amount: 60-80% of income
- Waiting Period: 90-730 days
Property & Casualty Insurance
Essential Coverages:
- • Dwelling coverage (100% replacement cost)
- • Personal property (replacement cost)
- • Liability protection ($500K minimum)
Common Gaps:
- • Flood coverage (separate policy needed)
- • Earthquake coverage (optional)
- • High-value items (jewelry, art)
Recommended Limits:
- • Liability: $250K/$500K/$100K minimum
- • Uninsured motorist: Match liability
- • Medical payments: $10K minimum
Money-Saving Tips:
- • Bundle with homeowners
- • Increase deductibles
- • Good driver discounts
Umbrella Insurance: Essential Liability Protection
Umbrella insurance provides additional liability coverage beyond your home and auto policies. Essential for anyone with assets to protect.
Coverage Scenarios:
- • Serious auto accident with injuries
- • Guest injury at your home
- • Dog bite incidents
- • Swimming pool accidents
Cost vs. Benefit:
- • $1M coverage: ~$200-400/year
- • $5M coverage: ~$500-800/year
- • Protects entire net worth
- • Includes legal defense costs
Annual Insurance Review Checklist
Review Coverage Amounts
Ensure life insurance still meets income replacement needs. Verify home coverage reflects current replacement costs.
Update Beneficiaries
Review and update beneficiaries on all policies after major life events like marriage, divorce, births, or deaths.
Shop for Better Rates
Compare quotes annually for auto and homeowners insurance. Consider bundling discounts.
Assess New Risks
Consider new exposures like home-based businesses, rental properties, teenage drivers, or valuable acquisitions.