Beacon Financial Strategies Financial Planning NC

Is that type of insurance necessary?

In Cash Flow and Budgeting, General Financial Planning, Insurance, Personal Finance, Retirement Planning by Chip Hymiller

A key component of our introductory financial planning engagements involve assessing how much insurance coverage our clients need while also reviewing the insurance policies that clients have in order to determine if they are adequate or necessary.  In doing so, we often find that people have purchased insurance products that are either not necessary or entirely too costly.

We believe that there are certain types of financial risks whereby obtaining insurance coverage is the best alternative.  However, there are certain types of coverage that are not appropriate for most people and simply serve as an unnecessary expense.   The following article, 15 Insurance Policies You Don’t Need, identifies several types of insurance that may seem appropriate on the surface, but can overlap with other policies or not even be necessary for most people.

If you have questions about insurance policies that you are currently holding, or you are considering purchasing a policy, Beacon would be happy to conduct an analysis to help make sure your risk management strategy is a sound one and that any policies you own are both necessary and cost effective!

About Beacon Financial Strategies

Beacon Financial Strategies is a fee-only financial planning and investment advisory practice.  Beacon professionals do not receive any compensation through the sale of commissionable investment or insurance products and serve clients in a fiduciary capacity.