Insurance Planning

Insurance Planning | Risk Management Washington DC

Insurance Planning

What’s your most valuable asset? Here are a few hints. It’s not your home and it’s not your car. It’s not even your 401k account or your new business start-up.

Your most valuable asset is your ability to generate income to support yourself and your family. Depending on your age and the number of years left in your career, your ability to generate income could be worth millions of dollars.

Without the ability to earn income, your other financial goals are meaningless. You can’t pay off debt. You can’t save for retirement. You can’t pay to put your kids through college.

Before you start accumulating new assets, you need to protect the valuable one that you already own. There are two big threats to your income. They may not be pleasant to think about, but they’re too important to ignore.  A good risk management assessment will keep you protected on all fronts.

The first is an early death. You’ll probably live a long, happy, and productive life. If you don’t though, your dependents could find themselves in a precarious financial position.

The second threat is disability. If you suffer an injury or illness that prevents you from working, you could find yourself unable to pay your bills. You may also have significant medical bills related to your disability.

In both scenarios, insurance planning can provide a base of protection. Should you pass away, life insurance can provide money to your beneficiaries so they don’t suffer financial hardship.

Similarly, disability insurance can provide continued income if you’re physically unable to work. You can use this income to pay your bills, cover basic expenses, and support your family.

At Sherman Wealth Management, we help our clients grow their wealth. The first step in doing that is protecting the valuable asset that they already have. We can review your financial situation with you to help you determine what types and amounts of insurance are most appropriate.