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The second least popular word in my office is insurance.  (Annuity wins for least popular.) Most people dread insurance if they can even remember why they bought it in the first place.  But listen:  Insurance is like a patch on what could be a giant hole that allows huge amounts of money to leak out of your life.  Doing an annual checkup, which takes 15 minutes, could save you significant amounts of time, money, pain, and hassle.

  • Call your homeowner’s or renter’s insurance agent:  Whether you own (house or condo) or rent the place where you live, you need protection for the structure and the contents.  Building codes change, construction costs fluctuate and the number of things you own generally increases.
  • That same person probably has your auto insurance:  If you have a car, you have insurance.  Again, make sure you have adequate coverage. You could potentially save money by raising your deductible or removing comprehensive coverage on an old car.
  • Have a conversation with this agent about umbrella coverage:  If there’s one thing typically missing from my clients’ insurance portfolios, it’s umbrella coverage.  This provides you extra liability coverage with your homeowner’s or auto insurance.  Make sure you have explored obtaining this type of coverage and if it’s adequate.
  • Confirm that you have disability insurance.  Typically, you’re covered through a group policy at work.  If you are self-employed, you need to consider obtaining disability insurance.  Check your professional association or ask me for a disability insurer referral.
  • Confirm that you have adequate life insurance.  Life insurance can be used for so many purposes, such as  to replace income, pay taxes or put kids through college.  Make sure you are adequately insured and your family is taken care of in case you pass away prematurely.  Sites like www.lifehappens.orgcan be a good place to start.
  • Decide whether to acquire long-term care insurance.  This is typically a one-and-done, so if you have it, you’re unlikely to acquire more. If you don’t have it, then this is typically a longer conversation in the context of an overall financial plan.  Put it on your list of topics to cover at your next financial planning meeting or family financial summit.

Doing simple checkups like these can give you a sense of where you are and where you might need to put your attention.  You also don’t have to do all the work!  If you need help or a referral, please reach out to me.

Lanning Financial Inc. is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.

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Disclosure – Lanning Financial Inc. is a Registered Investment Adviser. Advisory services are only offered to clients or prospective clients where Lanning Financial Inc. and its representatives are properly licensed or exempt from licensure. This website is solely for informational purposes. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. No advice may be rendered by Lanning Financial Inc. unless a client service agreement is in place. / Lanning Financial Inc. provides links for your convenience to websites produced by other providers or industry related material. Accessing websites through links directs you away from our website. Lanning Financial Inc. is not responsible for errors or omissions in the material on third party websites, and does not necessarily approve of or endorse the information provided. Users who gain access to third party websites may be subject to the copyright and other restrictions on use imposed by those providers and assume responsibility and risk from use of those websites.

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