Insurance Planning

When many people think about financial planning, they fail to consider the role insurance can and should play in their portfolios. No financial plan is complete without the proper level of insurance. When you are properly insured, you are protected from many unexpected life events that can seriously derail your finances. At James T. Borello & Co., we advise our clients on what types of insurance they need and at what levels. We integrate all insurance decisions into your long-term financial plans and overall tax strategy.

Necessary Types of Insurance

There are many different types of insurance available to the consumer, but some are decidedly more important than others including:

  • Health Insurance—Unexpected medical bills can devastate a financial plan. A serious illness or injury can quickly consume your savings. Everyone needs health insurance.
  • Life Insurance—If you have dependents, life insurance is an absolute necessity. Should anything happen to you, life insurance benefits will financially protect your dependents. Additionally, life insurance can have some excellent investment potential, and some types of life insurance policies offer tax advantages.
  • Disability Insurance—If you are unable to work because of illness or injury, disability insurance replaces your income so you do not have to suffer financially. Without it, your savings can suffer just to pay your everyday expenses.
  • Long-Term Care Insurance—If you require in-home care, nursing home care or assisted living in your senior years, long-term care insurance will cover the cost. Most people do not realize how expensive this can be. Long-term care insurance protects your retirement nest egg and exempts your relatives from the financial burden of your care.

Contact us to discuss your insurance needs with one of our financial consultants.