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May 2024 Financial Planning Newsletter – Spring cleaning!

Spring cleaning!

We are all familiar with this time of year. The sun is shining, the windows are open, and donating/decluttering our homes is a focus. Those shirts in the back of your drawer that you haven’t worn in a decade because you wear the same seven shirts can go to a new home (or is that just me?).

The same concept can be applied to insurance coverage in your life. Just like those shirts, what you needed 5-10-15 years ago may not be optimal for today. Even if you haven’t changed, rules have. At the basic level: property values, income replacement needs, and health coverage concerns need to inevitably be reassessed over time. At the more advanced level: estate taxes, updated trusts/estate plans, and cross-state revaluations can be very nuanced.

Let’s look at three broad categories to start the conversation: Coverage assessment, life changes, and health insurance. I know, these overlap in certain areas, but these are the areas I find myself talking about most frequently.

  1. Coverage assessment touches almost every facet of your life. If we look at your property casualty (home and auto) policies, we should see coverage that matches current rebuild prices adjusted for inflation. These past four years we have seen home values skyrocket, but has your coverage kept pace? This is why these check-ins are important.
  2. Life changes: Getting married, having kids, buying a home, a career change, or getting divorced are some of the most popular reasons we recommend individuals look at their current policies to see what needs to be updated.
  3. Health insurance: How many readers just click the same coverage every year at their job or when their business policy comes to renewal? This might make sense for this year, but every year poses the opportunity to adjust, offer you better coverage or to review how you are using certain options.

At Sunpointe, we don’t sell insurance policies, but are committed to helping families feel comfortable about their financial situation.  In many cases, that is achieved by giving families confidence that their financial lives are integrated, and risks being addressed.  How can we help you ensure your family is covered and decide on what coverage is necessary?

P.s: If you are wondering what my kids talk to their Poppy (Great Grandfather) about when we visit, it is always insurance coverage!