Having a financial plan in place is a vital component of a successful financial future. What if something devastating were to derail your plan? What if your working spouse was to unexpectedly pass away or become incapacitated? What if your own health was to take a turn for the worse, and you too were unable to work? Would you be able to continue funding your retirement and savings accounts? It could become increasingly difficult to maintain the integrity of your financial plan. Luckily, financial loss resulting from such unexpected critical financial events can be mitigated by utilizing insurance in your financial plan.
A financial plan is only effective if the continuity of its components remain in good working order. Thus, it is extremely important for you to protect the gears of your financial plan from unexpected critical financial events; and the devastating financial loss that could follow.
These events can lower your likelihood of achieving your goals. Instead of focusing all of your financial efforts on saving for retirement or achieving other financial goals, you now bear the burden of unexpected financial obligations; most of which are unavoidable and very costly. Lacking proper insurance coverage, you could jeopardize all of your savings, investments and hard work.
It is very important to note that there are many different types of risks which create the need for specific types of insurance. There are many types of insurance and each policy helps to hedge against a specific type of risk. Some common risks that can derail your financial plan include death, disability, illness and the costs associated with accidents. Life, Disability and Long Term Care Insurance are all geared toward a specific type of risk. Although each of these types of insurance have their differences, they all aim to achieve the same goal of protecting the insured from the devastating downside of unexpected critical financial events.
With the proper amount of coverage and type of insurance in force, you can protect yourself, your family and your financial plan against potential major financial losses. Integrating insurance into your financial plan can help prevent the derailment of your plan. In the upcoming weeks we will be going into greater detail on Life, Disability and Long Term Care Insurance. In the meantime, contact us today, at to learn if you have sufficient insurance in your financial plan and see how MitlinFinancial can help to facilitate your financial future!
Disclaimer: This article represents the opinion of Mitlin Financial Inc. It should not be construed as providing investment, legal and/or tax advice.