Insurance Consultation
Our insurance consultation is a free service that consists of meeting with prospective clients to get to know what the current financial picture looks like. Gathering a list of family member’s names, heights, weights, dates of birth, and if there is a special need is a beginning. Knowing if vision, dental, health, and/or life insurances are provided by employers is necessary to account for their availability. It is essential to determine if personal insurance policies exist and are active, the death benefit amounts, & when the policy(s) expire. Otherwise, if the policies are permanent, determine what is the death benefits value amount and what are the guaranteed cash value available now and in future years to be used for on-demand needs for cash withdrawals or that can be used for tax-free retirement income.
It is most important to understand the purpose of current policy(s) and if they are satisfying the original intent. If there is the death of a breadwinner does the financial security protection plan calls for providing funds to pay off the home mortgage? Or does the plan provide housing stability to make rent/mortgage payments for several years?
Similar considerations are to determine the amount of monthly and for how long income will be needed for living expenses considering if the surviving spouse will return to work or stay home from work to raise the children. How soon will funds be needed to plan for a child’s college education?
In summary, these are some of the considerations that can be included in the family financial security protection plan and adjusted as needed recognizing current employment and personal benefits, living expenses, income, savings, 401K, IRA, etc… to satisfy the Family Security Protection Plan. If there is a shortage of benefits to fulfill the plans what additional funds from discretionary income would be needed for the additional benefits to fully fund the Family Security Protection Plan?