Fiduciary Wealth Manager & Fee Only Financial Planning Advisor
The complimentary full financial review may reveal essential insurance protection needs.
We discuss insurance protection strategies that are most suitable for our clients based on his/her priorities and unique situation. After that, we refer you to an independent insurance broker, unaffiliated with UAK Diversified, who can objectively help you choose specific companies and product types based on the financial strength of the insurance companies and competitiveness of the premium. We remove ourselves from collecting any fees or commissions from any insurance contracts as a NAPFA member to preserve objectivity of our advice and avoid any potential conflict of interest.
Insurance protection planning is a part of comprehensive financial planning. We serve clients in St. Paul, Minneapolis, MN, and Nationwide.
Insurance protection is just as, if not more important than wealth accumulation.
A good rule of thumb for life insurance is that, at a minimum, the policy should be valued at about 20 times more than your annual expenses. Typically, annual expenses of surviving members of the family do not decrease materially. We generally recommend term life insurance because it is the most cost efficient.
Disability insurance pays out your lost income when you become disabled due to an injury or illness. Understanding how your employer's short-term disability insurance policy and social security disability insurance work are very important in evaluating long-term disability insurance options.
Long term care insurance is not for everyone. It is very expensive and insurance companies have been raising premiums in order to stay solvent, making it virtually impossible for existing policy holders to keep their policy. We would be happy to provide you strategies to plan and pre-fund a policy such that you don't have to worry about losing a policy.
Discuss amount of insurance needed
Discuss minimal essential coverage needed to provide protection for your family and business
Discuss insurance need in order to deal with outstanding debt for those who survive you