Insurance Gaps You Might Be Missing

So sometimes in the exam, you'll have a client who has a lot of details, a lot of information, and they might have some call out to maybe long-term care or umbrella, or they have a family member who's sick or something along the lines of, where you might be thinking, do they have enough insurance coverage to cover in case something were to happen? So we're going to highlight three different insurance policies that might be helpful to consider for the client in question.

But they also might not be.

It might be an option, but not the best option.

So we'll go through each of these.

and talk a little bit more about when would be a good time to suggest this and in what scenario the recommendation calls for.

But a brief overview, we have one illness, so long-term care, that usually is associated with extended care costs, which disrupt cash flow.

assets, and then also the concept of family support, what that looks like.

And then one lawsuit in case something happens in terms of a lawsuit.

A severe claim can exceed auto or homeowner's liability limits, and there we'll touch on umbrella liability.

And then one lost paycheck.

So disability income in the case where a client, a working client may lose the income engine funding every goal.

But before we dive deeper into those, we will go through the process for addressing the different gaps.

So we're starting with the consequence and then following the planning process.

So you want to start with step one where you identify and measure the exposure.

So if something were to happen, what's the financial result that it can happen? And then from there, what resources do we have currently? What coverage, cash flow, and assets exist? And then after you have all of that information, that's when you provide a recommendation to close that gap.

So we've established the risks, what we have currently, and then what we should do to bridge that gap.

So we don't want to ask which policy sounds right.

We want to ask what result are we trying to prevent? There's a lot of information and we'll walk through each of those, but Tiffany will kick us off with our long-term care insurance.