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How Much Insurance Do I Need?

Talking about and preparing things like personal liability insurance, disability insurance and life insurance or a last will doesn't make any event more likely to happen...

Talking about and preparing things like personal liability insurance, disability insurance and life insurance or a last will doesn't make any event more likely to happen...it merely creates a completely different outcome if it ever was going to happen anyway. These tools simply provide an opportunity to create a predetermined outcome for events we have no control over.

Proper financial planning involves removing risk from our overall plan, and you can employ potential tools to create better outcomes for your family. When not in financial crisis mode, you have the capability to move beyond bare bones needs based decisions to design a plan ultimately playing out what you want to happen. In a situation such as a disability, a lawsuit or a premature death, what would you want your family to experience? What organizations like your church or other charities would you want to be able to continue to support?

Here’s a big question: If cost were not a factor how much insurance would you have? After thinking for a moment, many of our clients answer “As much as I could get!” Now, understandably, cost is a major factor in these decisions. Which means your insurance and other planning decisions must be efficient! With proper planning and structure, most families can take care of all this and still live big, give big and build long term wealth.

If you could take care of all these things today without changing your lifestyle, would you do it?

This post is contributed by a community member. The views expressed in this blog are those of the author and do not necessarily reflect those of Patch Media Corporation. Everyone is welcome to submit a post to Patch. If you'd like to post a blog, go here to get started.

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