Asset Protection – For Everyone
Asset protection is a fancy way to talk about risk management, which is another fancy word related to insurance. Maybe we use jargon like this because we don’t want to discuss insurance. But protecting what is valuable in our lives is crucial. Our assets aren’t only financial. Every time you put your seatbelt on, you protect an asset. Seeking to eat well and getting plenty of sleep and rest are acts of protection. Using good passwords and other technology safeguards is asset protection.
When it comes to your finances, one of the most efficient ways to protect your assets is through insurance. We are all familiar with using insurance to protect our homes and cars. Many of you have owned insurance to replace your income at death or pay off debts. You may also have owned insurance to provide income for you and your family if you cannot work. Insurance can serve a myriad of purposes throughout our lives.
As life changes, so does our need for and use of insurance. Our insurance needs are shifting as we accumulate assets, buy new properties, change jobs, watch children grow, retire, and pursue other ventures. Last quarter, I highlighted how to protect our assets from liability risks through umbrella insurance policies. This year, we are focusing on broader types of insurance and highlighting this part of your financial plan to be sure the right protections are in place.
In our review meetings this year, we are asking you to bring us your insurance coverages so we can review three key questions with you: 1. Why did you purchase the insurance? 2. Do you still need the same, less, or more coverage? 3. What, if any, options are available to improve your protection? I’m looking forward to these conversations with you during our spring meetings!
Any opinions are those of Landon Vick and not necessarily those of RJFS or Raymond James. The foregoing information has been obtained from sources considered to be reliable, but we do not guarantee that it is accurate or complete; it is not a statement of all available data necessary for making an investment decision and it does not constitute a recommendation. Raymond James and its advisors do not offer tax or legal advice. You should discuss any tax or legal matters with the appropriate professional. Be sure to contact a qualified professional regarding your particular situation before making any investment or withdrawal decisions.
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