Do you have the right protection or just a lot of coverage?
Most people either have too much insurance, the wrong kind, or coverage they’ve never revisited since they first bought it. Insurance agents are paid commissions to sell products, which creates an incentive that doesn’t always align with what you actually need. At Thinking Cap Financial, insurance analysis is done without commissions and without products to push.
The only question is whether your coverage protects you appropriately.
What Good Insurance Planning Looks Like
Insurance exists to protect against financial catastrophe. It’s shielding you from the kind of loss that would derail everything you’ve worked towards. It’s not an ideal investment vehicle. It’s not an ideal savings account. When used correctly, it does its job quietly in the background while the rest of your financial plan moves forward.
That means carrying enough of the right coverage and avoiding coverage you don’t need or that duplicates what you already have.
What an Insurance Review Covers
- Reviewing your current policies – We look at your life, disability, health, property, liability, and any others you carry
- Conducting a needs analysis – We will determine the right type and amount of coverage based on your income, dependents, debts, and goals
- Identifying gaps – We will look for gaps, especially long-term disability insurance, which is consistently underinsured among self-employed professionals and private practice owners
- Flagging unnecessary or overpriced coverage – We will evaluate whole and universal life policies, to see if they’re better replaced by term coverage and low-cost investing
- Evaluating business coverage needs – For practice owners, this could include malpractice, business overhead expense, and key person coverage where relevant
Want To Go Deeper?
- The One Financial Mistake That Private Practice Owners Often Make
- The Hidden – Emotional – Benefits of a Financial Plan
A Note on Long-Term Disability Insurance
For self-employed professionals, your ability to earn income is your most valuable asset. Long-term disability insurance is often the most overlooked and most important protection a private practice owner or solo business owner can have.
It rarely comes up until it’s too late. It’s something I often must discuss in detail with clients.
