Life can change in an instant, which is why protection planning with adequate insurance is a smart part of any long term investment plan. Unfortunately, there are many insurance options that promise big protection, often with high premiums, and don’t end up being intelligent investments. We would generally place term life insurance and annuities, outside of a few specific applications, into that category. But there are two types of insurance we recommend to almost all of our clients:

Long-Term Care Insurance

There are few things more financially taxing to a family than the costs associated with long-term care. That’s why we recommend long-term care insurance to most of our clients, especially those with an investment portfolio below $2,000,000. It can be costly insurance, but well worth the price if the unforeseen should happen.

Disability Insurance

Similar to long-term care insurance, disability insurance protects your ability to earn and be independent. Ups and downs are part of being in business, and most of our clients are comfortable with taking on risks associated with the marketplace, knowing that they can recover over time. Where insurance is needed is when a life situation might reduce your ability to earn and recover, such as a sudden disability.

While no one expects or desires downturns, with smart protection planning, you can avoid high cost, low coverage insurances and spend your money on benefits that will ensure your quality of life in the long term.