Insurance Planning FAQs for Protecting Your Family and Financial Plan

Insurance planning is about more than simply having coverage in place. Here are some common questions we hear from clients who want to protect their family, income, assets, and long-term financial well-being from the risks that could disrupt them.

What is insurance planning?

Insurance planning is the process of identifying financial risks and evaluating coverage that may help protect your family, income, assets, business, and long-term financial plan. It can include life insurance, disability insurance, long-term care insurance, and other coverage based on your needs.

Why is insurance part of a financial plan?

Insurance can help protect the plan you are building. Without appropriate coverage, an unexpected death, illness, disability, or long-term care need can place financial strain on your family or reduce the assets intended for retirement, legacy, or other goals.

How do I know what type of insurance I need?

The type of insurance you need depends on your age, family situation, income, debt, assets, health, business interests, and long-term goals. Totus helps clients review potential areas of risk and consider coverage that fits their current life stage and future planning needs.

What is the difference between life insurance, disability insurance, and long-term care insurance?

Life insurance is generally designed to provide financial support to beneficiaries after a death. Disability insurance can help replace income if illness or injury prevents you from working. Long-term care insurance may help cover care needs that arise later in life and could otherwise affect retirement assets or family resources.

When should I review my insurance coverage?

Insurance coverage should be reviewed when your life changes. Marriage, divorce, children, home purchases, career changes, business ownership, retirement planning, health changes, or changes in income can all affect the amount and type of coverage that may be appropriate.