Financial planning is the road map that we use to get through life. When to buy a new car, when to start that business, which house to buy in Denver, CO. It all comes down to the financial plan. Unfortunately, many people fail to work insurance into their financial plan.
A number of things need to be considered when working insurance into that plan, including the expense of insuring everything that needs to be insured, and consideration of the safety net that it provides.
Simply put: what can you not afford to not insure?
Certainly we need to cover the basics. Home, car and recreational vehicles like boats, RV’s and so on, health insurance, life insurance and so on. We also need to consider the special needs associated with the risks specific to our own lifestyles and careers. Someone with an expensive home may need to consider their higher-than-usual liability risks, for instance.
As a general rule, any time a significant amount of money is changing hands, whether we’re buying a summer home, getting that promotion or Christmas bonus at work or building an addition to the house, we need to take insurance into consideration: Does this need to be insured, will this require renegotiating our current insurance plan, and what are we putting at risk if we don’t? As we upgrade our lives, we also need to upgrade our insurance.
If you’re not sure of how to work insurance into your financial planning, get in touch with AFI Insurance. We can help to guide you to the right plan for your life, your career, your assets, and your risk.