S2E8 | Insurance in a Financial Plan

“Look at your overall financial plan and say, ‘where do these insurance plans fit in? What do I need?’ Talk to an advisor to help you quantify what you need. It's a prioritizing process to put together a perfect plan.”

Financial plans cannot be successful without an insurance plan.  In this episode, Joseph Sachetta, Eric Sachetta, and Mike Callahan, Sachetta Callahan financial advisors, discuss insurance and why it should be part of an overall financial plan. 

Before putting an insurance plan in place, it’s important to understand the different types of insurance to consider. Financial planners recommend focusing on three big plans: life insurance, long-term care insurance, and disability insurance.  Disability insurance becomes very important for those who find themselves unable to work due to an injury or unforeseen impediment. Long-term care insurance covers the road into old-age, and may cover various types of long-term care including nursing homes. Life insurance is one of the biggest factors in ensuring family and debts are taken care of in the event that life is cut short.  Life insurance can also be a great strategy for accumulating tax-free wealth. 

Many people have limited funding to purchase all three types of coverage at the same time. This makes incorporating insurance into a financial plan a question of the individual’s priorities.  Considering lifestyle, age, health, job, family, and plans for the future can guide your decision about what type of insurance will be needed most.  Thinking about life insurance, long-term care insurance, and disability insurance should be a part of creating financial plans. 

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We’re Here to Help

If you haven’t already, now is the time to think about your insurance needs.  We’re here to help. Reach out to the financial advisors at Sachetta Callahan today.