Assessing Insurance

Developing a comprehensive financial plan entails more than just accumulating enough assets to support your family and your income needs. There are considerations that must be made for life events such as death, disability, or the need for assisted living. Fortunately, there are various lines of insurance that you can build into your financial plan to protect you and your family against these risks – but not all are created equal.


Insurance can be complicated. There are simple ways to protect against potential losses of income or the need to spend more of your savings in retirement as your medical needs become more complicated. There are also options that provide additional, ancillary benefits that work within the policy and with your other saving strategies towards your financial goals. It could be in the form of cash accumulation on a life insurance policy that you can use towards future premiums or even for a loan when you need some extra cash in retirement. It could be a Long-Term Care (LTC) policy that adjusts the benefit to take into consideration rising healthcare costs. It could also be a Disability policy that offers a future purchase option to allow you to purchase increases to your income protection as your earnings grow.


There are myriad ways to structure a policy that factors in your unique needs and goals but often those needs and goals change. For those who have an insurance policy in force, when was the last time you had the contract reviewed? Do the benefits still match the intent for the policy? Have your needs changed since the policy was originally issued? It’s important to make periodic assessments to make sure you’re not paying for something that isn’t meeting your needs or has outlived its usefulness.


You can use your Karp Capital Client Portal to easily and securely store your policy documents so they’re available when you need them and available to us for periodic review. You can also use the Client Portal’s account syncing feature so that your insurance policies are accurately reflected on your balance sheet and can be properly accounted for within your financial plan. The more information we have about your financial life, the more we can help you make important decisions and help you make them proactively.


We will review what you have now and help you determine if it’s still the right fit for you. If you don’t have insurance as part of your financial plan, we’re here to help you determine how it can be properly positioned to help you meet your financial goals. Please reach out and let’s get the conversation started today. Let’s verify you’re properly covered for life’s surprises and ensure you aren’t paying for benefits you don’t need.