Risk plays a part in our everyday life.
While it makes life complex, individuals have the choice to self-insure or buy protection. Coastal Financial Advisors’ ability to manage risk can make a dramatic difference in your life if an unplanned event occurs.
Investment portfolio risk is managed through the proper allocation between stocks and bonds. Personal risk is managed by insurance.
The insurance industry is complex and has policies to protect in various areas: life, health, auto, property and casualty, renters, umbrella, long-term care, business, and commercial.
Note that we are licensed to talk about insurance as required by law. However, choosing to be a fee-only advisor, we review policies and recommendations as necessary and point you in the direction of a competent insurance producer.
Coastal Financial Advisors oversees policies in the following areas:
Life insurance is put into place to cover the loss of a person. The beneficiary receives the benefit of lost income to help maintain their current lifestyle.
Health insurance covers your physical health and maintains your well-being. Generally, an employer will provide coverage. Medicare coverage begins at age 65 and medigap should be considered to supplement Medicare in the United States.
Insurance for your vehicles provides coverage for liability and physical damage.
Property and Casualty
Property policies will cover liability and damage to the property in the event of a fire or storm for example.
A renters policy is a policy to cover your contents when you do not own the property you live in.
An umbrella policy is a broad policy that provides coverage when the underlying policy limits have been reached.
As we age, it may become necessary to live in a facility where aides are available to help us remain mobile.
A business owners policy is available for businesses to cover a range of risk management. The business type, product, and services will dictate the required coverages and limits.
A commercial policy is for more complex business coverage and provides broader coverage than a business owners policy.