Marzano Capital: “Have You Reviewed Your Insurance Policies Lately?”

When it comes to financial planning, common topics are stocks, bonds, savings rates, growth rates, social security, pensions, etc.  We also believe that insurance should be a part of the overall financial discussion.  This is because certain types of insurance are directly related to the preservation of assets and the protection of your financial plan, ultimately serving as a safety net.

The three types of insurance that can protect you and your family’s financial security are: life insurance, disability income insurance, and long-term care insurance.

  • Life insurance is designed to provide a tax-free death benefit to your family. The purpose is to cover the loss of income, pay off debts, and help with future expenses (perhaps education for your children).
  • Disability income insurance helps to replace a portion of your lost income in the event that you become disabled and are unable to continue working. In your working years, your income is your most valuable asset.
  • Long-term care insurance helps to cover the cost of care should you require a nursing home, assisted living, skilled nursing, etc. The national average for nursing home costs is around $8,500 per month if paying out of pocket.  At that rate, a financial plan could be derailed if care is needed for multiple years.

If it has been a while since you have reviewed your insurance policies or if you are interested in exploring options, we would love to help you with that.  As your financial situation changes, so should your insurance plan.  There are some nuances to the different options available, and understanding what you have and how it works is an important part of your overall financial plan.  Additionally, your age and health play a significant role in your ability to obtain these types of insurances.  A piece of advice would be: purchase insurance when you don’t need it so you have it when you do need it.

Securities offered through LPL Financial, Member FINRA/SIPC. Marzano Capital Group is an other business name of Independent Advisor Alliance, LLC. All investment advice is offered through Independent Advisor Alliance LLC, a registered investment advisor. Independent Advisor Alliance is a separate entity from LPL Financial.


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