Insurance is an essential part of planning for individuals and businesses.  Protection for the uncertainties of tomorrow can give comfort to you, your family, and business associates.  Whether it’s life insurance, disability income insurance, long term care insurance, health insurance, or property and casualty insurance it needs to be at the forefront of any business or personal planning.  Charting a clear path to all your insurance needs is part of the service provided by ClearPath Advisory Group.


It’s often said that life insurance is not for those who die—it’s for those who live. And it is. If you die while you have life insurance in place, the people you’ve chosen (your beneficiaries) will receive a sum of money (the death benefit) from your life insurance policy. They can use this money for anything, but its main purpose is usually to help make up for the loss of your income.


There’s no single right answer. Some people select a coverage amount that is equal to 6 to 10 times their annual gross salary; others opt for 2 times their annual gross salary. Coverage amounts are individual and certainly not “one size fits all.” To get a more accurate view, it’s best to meet with a financial professional and complete a personal needs analysis.


It can be easy to think of the coverage you need for all of your “things”: car insurance, homeowner’s insurance, property insurance, etc., and overlook your biggest asset: your ability to earn a living. When your medical bills increase and your income decreases, your financial picture can deteriorate quickly—but disability income insurance can help protect you and your income from this possibility.


Because a health event can have a serious impact on a family’s finances, a thorough financial plan will often include a long term care assessment as part of its insurance analysis or risk management section. It is important to consider the financial risks of certain unforeseen events such as disability or prolonged illness that could require some level of long term care. Long term care is generally not covered by Medicare. 

As nursing home care has become more expensive, a family that needs nursing care, even if only for a few years, runs the risk of depleting hundreds of thousands of dollars. This direct cost is then compounded by the lost investment earnings that those assets could have earned had they stayed invested. The overall wealth effect on a family from a nursing home stay can be significant. 

Discuss insurance protection for your family, and business associates by charting a clear path to all your insurance needs with a financial professional from ClearPath Advisory Group.