At Mills Wealth Advisors, we believe that protecting wealth is a fundamental component of any prudent financial plan. Our areas of expertise are life, disability, and longterm care. These insurances provide confidence and assist clients in reaching their goals without worry. To accomplish this objective, we enlist our extensive network of insurance specialists. As part of our financial planning process, we will review your protection plan and make sure that you have enough coverage and that it is cost effective.
Transferring catastrophic risk is crucial. Our income and ability to earn an income is by far our biggest asset and must be adequately protected. Here are a few suggestions we have learned that will save you money and help to make sure you are protected with adequate levels of insurance.
How to improve your coverage:
Don’t count on work policies. Employer-sponsored policies are weak and provide only short-term coverage periods and benefits. In addition, partial disability is not covered in most policies.
Prudent ways to lower your policy cost:
Buy from a mutual insurance company owned by its policy holders. With access to rates at multiple companies, we can help you find the best rate for your needs.
A guaranteed renewable policy, favored by current insurance pricing, is a better choice than a non-cancellable policy. If you call us for details, we can show you why.
As your savings increase, it is often advisable to reduce your amount of coverage; we like to increase the waiting period to 180 or 360 days. This simple change can save you a lot of money in premiums.
Who to buy insurance from:
As fiduciaries, we believe insurance should be bought from independent agents who can offer policies from several mutual insurance companies. Different insurance companies are competitive in different areas, and if an agent only offers one company, they usually can’t offer the best rates for all types of insurance.
As Forrest Gump says, “…it happens,” so take a little time and make sure your life and disability insurance is optimized and coordinated with your overall financial and investment plan. We would be happy to analyze any old policies for you. If you are unsure of your current coverage levels, please don’t hesitate to call. We are here to help.