Insurance Planning


Insurance Planning is a critical element to effective financial planning. Before an investor can begin building a comfortable nest egg, there must be a foundation that is laid first. The foundation is comprised of several forms of insurance coverages that will protect your nest egg in the event of catastrophes. These coverages include: health insurance, life insurance, auto insurance, home owner's insurance, disability insurance, long term care insurance, and property & casualty insurance.

4 Steps to Effective Insurance Planning

There are four steps to effective insurance planning. In the next few paragraphs, we will explain what is entailed in each step of the insurance planning process.

Step #1: Risk Identification

The first step is to identify your financial risks. We will need to do a thorough analysis of the types of risks you are facing in each area of insurance protection.

Here are a few examples of the questions we might ask:

  • What would happen if the main breadwinner in the family were to die?
  • What would happen if either parent were to become disabled?
  • What would happen if someone in the family lost their health insurance coverage?
  • What would happen if the main breadwinner lost their job?
  • And more

Step #2: Risk Measurement

Measurement of the death, disability, unemployment, loss of medical, and retirement risks can often be a challenging job for a family and their financial professional. Even more challenging is the attempt to measure the loss severity of any of these risks actually occurring. We will work closely with your family's situation to do our best at setting you up with the right amount of insurance coverage to make sure you are protected at all times.

Step #3: Methods for Risk Management

After we have a pretty good understanding of the types of risks your family could face in the event of an unexpected event, we will come up with the appropriate method for managing those risks.

Step #4: Risk Administration

The final step of the insurance planning process will be to implement the proper amounts and various types of necessary insurance coverages. We will meet with you frequently to advise you on how much insurance coverage you will need based on your changing circumstances. Also, we will always search for the most cost effective programs available.

If you would like O'Neil Financial to take a look at your current insurance coverages, as well as educate you on some of the latest techniques of risk management, then click here for a free consultation.