The Moat Around Your Financial Castle
Most might view the topic of insurance planning as perhaps akin to consuming frozen lima beans. The prospect of paying for something that you hope to never utilize, and then paying for it year after year, isn’t a particularly pleasant intellectual exercise. Consider the mental gymnastics required to conclude that in each instance you pay for a service you don’t use, you have in fact experienced the optimal outcome (think of that when you pay a life insurance premium, for instance). That dynamic can cause many families and businesses to have insurance coverage that is materially disconnected from their practical financial risks. Whether it’s life, long term care, health or disability insurance, inadequate coverage can result in buying too much or overpaying for coverage, or can result in potentially catastrophic situations that erase decades of wealth accumulation. Appropriate insurance coverage is the veritable moat around your financial castle. A thoughtful examination of all your current policies is necessary for ensuring these risks are properly mitigated.