Iris Wealth Advisory, A Registered Investment Advisor Firm
Insurance:
Nothing generates more debate than whether insurance is required. Also, whether there is an adequate amount of policy value to cover catastrophes. Luckiest people make it through life without the use of adequate insurance. Unlucky people will expose their families to unwanted stress and disastrous financial situations if they become a bad statistic. There is not much of a financial planning if your whole family’s finances are one step from disaster due to an accident or injury to one spouse/partner. Prudence lies in choosing wisely to protect and enhance your estate and wealth.
Insurance companies
Insurance companies are some of the oldest companies, that have stood the test of time, and have been models for risk
management and investment. They have a record of paying their commitments whether it is an
insurance claim or an annuity payment commitment.
Most of us don’t even think twice to get auto liability insurance because state law requires us to have that kind of insurance. But what about the person that is inside the car, driving it? Is he/she/family adequately protected in case of an accident? If you borrow using any of your properties as a collateral, (whether it’s a car, home or business) your bank requires you to have comprehensive coverage that covers the value of such property. What about the value of life insurance/disability policies on you or your spouse/partner?
A well-designed policy
A well-designed policy should enhance your financial plan and prevent
any financial stress in case of an unwanted catastrophe. It should be
based on your current assets, liabilities that will come due upon an
unwanted and untimely death.