Risk Management
Scott believes that many clients are either under-insured or protecting the wrong assets.
When discussing life insurance coverage, Scott will ask a client to not think about life after an untimely death but to instead imagine just sitting out on the front porch reading a book for the rest of life.
Consider the amount of death benefit the porch sitter has in life insurance and multiply that number by 4%. Why 4%? That is the number planners use to predict income off an investment long term to remain solvent. Could that 4% replace the income the porch sitter was making before finding that good book?
An example: Joe has a $200,000 life insurance through his employer. Taking 4% of that death benefit delivers $8,000 a year. Does Joe have enough coverage to take care of he and his family’s needs while porch sitting?
Scott looks at similar examples when reviewing insurance coverage related to:
– Disability
– Health
– Property
– Long Term Care
It only makes sense to question what these coverages will do when the unexpected “what if” happens.
Scott sees people who load up on accidental death or cancer policies and questions what happens if the death occurs from a brain bleed.
Be smart when paying for risk management solutions.
Contact Scott’s office for a risk review.
We would love to speak with you.
Feel free to reach out using the below details.
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Registered Representative offering securities through Cetera Advisor Networks LLC, member FINRA/SIPC. Cetera is under separate ownership from any other named entity. Advisory Services and Financial Planning offered through Vicus Capital Inc., a Federally Registered Investment Advisor.
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