Having a strong financial plan is key to achieving and maintaining financial success, but developing and implementing one is an incredibly personal process. There are so many variables to consider—your income, your family situation and plans for the future, your current needs and your long-term goals, among other things. There’s a reason financial advisors exist—to help people navigate the complexities of personal finance and ensure that the path they’re on is going to take them where they want to go.
Some elements of a financial plan are fairly obvious—debt repayment or saving and investing, for example—but there are other important options to consider. Here’s why you should speak to an Interior Savings advisor about insurance and how it can be an effective part of your financial plan. If you’re ready to get started, please contact us—we’d be glad to review your needs and goals in order to make personalized recommendations.
Types of insurance
There are many types of insurance available, but some of the most common tools in a financial plan are life insurance and critical insurance insurance. You may also need home and auto insurance if you own a property and/or a vehicle, or pet insurance for that beloved cat or dog. Travel insurance and cyber insurance are available to those who need it, and we even offer recreation insurance for those who like a little adventure in their lives. And, if you’re a business owner, be sure to speak to an advisor about insurance related to your professional needs and goals—we offer that, too.
How does insurance support my financial goals?
While some elements of a financial plan are about growing your wealth, others are about preserving it. Insurance is a risk reduction product that provides practical support when faced with unexpected challenges. It also delivers peace of mind, which is valuable in and of itself.
There are several ways to utilize insurance in a financial plan. Insurance policies are typically designed to protect the people and things we care about, and to reduce our own risk of financial distress. Critical illness insurance can relieve you of financial burden in the event of a serious illness, and life insurance can be used to make sure your spouse and/or children can maintain their quality of life in the event of your death. Pet insurance is a smart investment for many families, and home insurance is required—it’s just about finding the right policy.
Life insurance can also be used strategically to pass wealth on to the next generation or for tax minimization purposes. Some families may put life insurance policies in place to offset capital gains on a family vacation property that’s being passed down to the next generation, and others may use insurance to achieve other goals within an estate plan. An advisor can determine which approach is best for you—please contact us to learn more.
We’ve got you covered
Success doesn’t just happen—it takes effort and it starts with a plan. Fortunately, you can take charge of your financial future right now by being proactive and accepting the thoughtful, expert guidance that’s available to you through your credit union. This is an excellent read on insurance fundamentals that is well worth reviewing—we encourage you to read it when you have a few minutes!
If you’d like to discuss your financial plan with a skilled, dedicated financial expert at Interior Savings, please contact us. We’d be pleased to review your needs and goals, take a look at your current budget and financial plan (or build one from scratch) and determine how insurance can help you reach your goals. Thanks for reading—we look forward to speaking with you!