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Is Your Financial Security at Risk?


The topic of insurance is not sexy by any means. Perhaps that's why so many people avoid addressing it. Another reason may be a bit more subconscious--the avoidance of future, indeterminable events, in favor of present-day issues with more certainty.

You are probably aware that many Americans are vastly under-insured. Home and auto insurance are important, and most people have that covered. What I am referring to, more appropriately, is your (1) life insurance, (2) long-term disability insurance, (3) liability insurance, and (4) long-term care insurance.

It is almost amusing to see someone walking around with a $60 cell phone that they have paid to insure, while their multi-million-dollar body is completely unprotected!

I said almost! Before addressing a client's investment situation, I always ask them to first consider the following four questions:

If you were to die, would your family have enough money to both pay off the house and live off the earnings from your savings?

If you were to injure your back, would you be able to cover the rehabilitation once your short-term coverage ran out?

If you were to develop a long-term debilitating illness, could you afford $90,000 per year for excellent home care?

If you've answered "no" to any of these questions, you might want to consider re-evaluating your level of protection.

2004 Matthew S. Clement, All rights reserved

Matthew S. Clement is a financial planner and investment advisor representative with Financial Network Investment Corporation, member SIPC. He provides holistic wealth management and retirement planning to individuals and businesses. He can be reached in New York at (845) 942-8578, or by email: ClementM@FinancialNetwork.com.


MORE RESOURCES:

Insurance - Google News

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Insurance Industry Bands Together to Make a Difference in North Carolina City - Insurance Journal


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Insurance Industry Bands Together to Make a Difference in North Carolina City
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A group of insurance and risk management professionals are working together to make a difference in one of North Carolina's largest cities. The group, Community Matters: Insurance Partners of Charlotte, started in 2012 to help raise funds to build a ...

Firms buy insurance 'in mad panic' as cyber-attacks soar - BBC News


BBC News

Firms buy insurance 'in mad panic' as cyber-attacks soar
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With cyber-attacks increasing in frequency and severity, many companies are turning to insurance to cover their mounting losses. But can insurers quantify the risk accurately and could insurance lead to corporate complacency? Many firms feel like they ...

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5 Important New Insurance Executive Changes - ThinkAdvisor


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5 Important New Insurance Executive Changes
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5 Important New Insurance Executive Changes. Symetra's benefits division is getting a new head. Harry Monti (Photo: Symetra). Symetra Life Insurance Company has named Harry Monti to be the senior vice president in charge of its group life and ...

School system insurance benefits raise questions - Crossville Chronicle


School system insurance benefits raise questions
Crossville Chronicle
The Cumberland County school system may have under-collected more than $1.1 million in insurance premiums from certified personnel, Human Resources Director Liz Broderick told the Cumberland County Board of Education during the Jan. 6 work session. “We ...

Have expensive insurance? Thanks to Irma, it may soon go up - WTSP 10 News


WTSP 10 News

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These cases often involve situations where AOBs have been signed over to a contractor who then has their claim denied by the insurance company. This leaves the policyholder in limbo, sometimes with unfinished work on their home, other times liable for ...
In first week of Session, Florida House took big steps toward insurance reform Florida Politics (blog)

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Nationwide Insurance Rolls Out Proof of Insurance on the RiskBlock Blockchain - Bitcoin Magazine


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Nationwide Insurance Rolls Out Proof of Insurance on the RiskBlock Blockchain
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“The current way that drivers provide proof of insurance is cumbersome and uncertain,” said Christopher G. McDaniel, executive director of The Institutes RiskBlock Alliance in a statement. “Sharing proof of insurance through blockchain is key to ...

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Insurance billing notices threaten young adults' confidentiality - Reuters


Insurance billing notices threaten young adults' confidentiality
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By Ronnie Cohen(Reuters Health) - Young adults can remain on their parents' health insurance policies until they turn 26, but when they use it for counseling, pregnancy tests, addiction treatment or anything else, insurers frequently notify their ...

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Another lesson from Montecito — even in semi-arid Southern California, we need flood insurance - Los Angeles Times


Los Angeles Times

Another lesson from Montecito — even in semi-arid Southern California, we need flood insurance
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Mudslide usually is excluded from typical home insurance. Instead, it is covered by flood insurance. And it is a reasonable bet that few inland Montecitans have flood insurance. Why would they? They simply couldn't conceive of being flooded out of ...

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High-End Wealth Managers Are Embracing Private Placement Life Insurance (PPLI) - Forbes


High-End Wealth Managers Are Embracing Private Placement Life Insurance (PPLI)
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Private placement life insurance is becoming a staple on the high-caliber wealth manager's platform. Lacking this tool can often be a serious missed opportunity for financial advisors and their affluent clients. But, that need not be the case ...

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