Through our Specialists and vendor relationships, we offer Pre-65 Health Insurance, Medicare Insurance Supplement Plans, Disability Insurance, Life Insurance, Long-term care Insurance, Property and Casualty Insurance, and Identity Theft Insurance. We can analyze your needs and help secure both your personal insurance and your business insurance.
The Purpose of Insurance
The purpose of insurance is to plan for the transfer of the expensive costs from a potential “adverse event” away from you and to an entity who can afford those costs. An insurance policy is a legal contract and transaction that exchanges a predictable but affordable cost from you to a third party who promises to cover the unaffordable expenses in case the adverse event happens.
Early in my career, I worked with a widow whose husband taught me the value of insurance and the value of financial planning. He bought enough disability and life insurance to “financially achieve his personal and family goals in case he was diagnosed, injured, or even died far earlier than planned. Three years later, he was diagnosed with cancer and died after a heroic year-long battle. He had told his wife three years earlier, “I want my last few thoughts in this world to be about how you and our daughter will be OK…that I have achieved my financial goals as a husband and father”. He bought enough insurance to achieve his life goals, but not so much that they could not afford to live the lifestyle they wanted. He planned well for those he loved.
Examples of Risks to be Mitigated or Insured
Life is Risky- there are so many adverse events that can occur each day that we do not want to occur because they are lethal, painful, expensive, and inconvenient to us and the people we care about. Some common examples include:
The risk of dying young and having financial bills and loved ones that are dependent upon you
The risk of living too long and having expenses that you cannot afford
The risk of developing a serious and expensive medical health condition/problem.
The risk of disability (inability to earn an income) due to injury or medical problem.
The risk of the damage or destruction of personal or business property.
The risk of being sued due to your own actions (commission, omission, frivolous, etc.)
The risk of being liable for costs associated with identity theft
None of us know our future, if we did, we certainly would have all the insurance we can secure to mitigate or even profit from any “adverse event” (but such foreknowledge would be considered insurance fraud and void the policies).
How we Serve You
Our insurance team and partners understand the purpose of insurance. Through our planning process and our analysis, we seek to understand the insurance coverage that you have, the insurance coverage that you need, and secure or maintain that coverage at an efficient cost. We understand that by being educated regarding the risks of “bad things happening”, and the cost to avoid its related expenses, you can get the right amount of protection, so that your personal and business goals continue as uninterrupted as possible.
Your Life-Legacy Insurance Specialists only serve your best interests. As a fiduciary to you and a fee-only insurance advisory team, we are not paid commission by any third party. We do not earn more or less money based on the type or amount of insurance that we recommend or help you secure. We simply analyze your situation, make recommendations to you, and use insurance brokerage firms that find the right type of insurance for you at the right cost to protect the achievement of your goals and the continuation of your lifestyle. We are not captive or beholding to any one company or insurance solution.
We charge a consulting fee to help you analyze your situation, find the firms that satisfy your needs, and partner with them to contract the best insurance plan for you.