Insurance Coverage Guidance
Protect Your Income, Family and Retirement With the Right Insurance Coverage
Insurance is the safety net under your entire financial plan. The Fund Advisor explains life, health, disability and long-term care insurance in plain English, so you know what you need, how much coverage makes sense, and how to avoid paying for protection you do not need.
Plain-English Guidance
No jargon. Learn how term life, disability and health insurance actually work before you buy a policy.
Right-Sized Coverage
Estimate the coverage your household needs using debts, income replacement and future goals, not guesswork.
Free Planning Tools
Use our free life insurance and retirement calculators to see how protection fits into your bigger plan.
Types of Insurance Coverage to Review
Savings, investments and retirement accounts can be wiped out by a single illness, accident or loss of income. These are the main types of insurance coverage most households should review.
Life Insurance
Replaces your income for the people who depend on you. Term life is usually the most affordable way to cover your working years, while permanent policies add lifelong coverage and cash value at a higher cost. Estimate your needs with our Life Insurance Calculator.
Health Insurance
Protects you from large medical bills. Compare premiums, deductibles and out-of-pocket maximums, and consider pairing a high-deductible plan with an HSA.
Disability Insurance
Replaces part of your paycheck if illness or injury stops you from working. It is often overlooked, yet your income is your biggest asset. See our Salary Planning service.
Long-Term Care Insurance
Helps pay for in-home care or assisted living, a major risk to any Retirement Planning strategy.
Medicare and Supplemental Plans
Important to plan before age 65 to avoid coverage gaps and late-enrollment penalties.
Home, Renters and Auto Insurance
Protect your property and shield you from liability claims.
How Our Insurance Planning Works
1
Review What You Have
List your current policies and employer benefits.
2
Find the Gaps
Compare coverage against your income, debts, dependents and health risks.
3
Right-Size Your Coverage
Choose the right policy types, amounts and deductibles for your budget.
4
Review Every Year
Update coverage after marriage, a new child, a home purchase or a job change.
How Much Life Insurance Do You Need?
A simple approach is to add up the amounts below, then subtract your existing savings and coverage. Our Debt Assistance service can help you reduce the obligations your policy would need to cover.
- Debts you would want paid off, such as a mortgage or loans
- Future costs, such as children’s education
- Several years of income replacement for your household
- Minus existing savings and current life insurance coverage
Insurance Through Your Employer
Group life and disability coverage through work is convenient and often low-cost, but it usually ends when you leave the job and may not be enough on its own. Review your benefits each enrollment period alongside your Pension Planning and retirement options.
Keeping Insurance Premiums Affordable
- Shop and compare quotes at least every few years.
- Bundle home and auto policies where it saves money.
- Choose higher deductibles if you have a solid emergency fund (see our Saving Tips).
- Build premiums into your monthly plan with our Budgeting Assistance service.
Insurance and Investing
Insurance is designed to protect, not to grow wealth. For most families, buying affordable term coverage and investing the difference in retirement accounts is more efficient than combining the two. Weigh the options carefully before buying complex policies, and read our guide on life insurance vs investing.
Free Tools and Helpful Guides
Free Calculators
Insurance Coverage FAQs
What types of insurance coverage do I need?
Most households review life, health, disability and property insurance, then add long-term care and Medicare planning as they get older. The right mix depends on your dependents, income, debts and health.
Is term life insurance better than whole life insurance?
Term life is usually cheaper and covers a set period such as your working years. Permanent policies last a lifetime and build cash value, but cost more. Compare both against your goals and budget before you decide.
Do I still need disability insurance if my employer offers it?
Employer coverage is a good start, but it may replace only part of your pay and usually ends when you change jobs. Check the benefit amount, waiting period and whether the policy is portable.
How often should I review my insurance coverage?
Review your policies at least once a year and after major life events such as marriage, a new child, buying a home or changing jobs.
Explore Our Other Financial Planning Services
Not Sure Which Insurance Coverage Fits Your Plan?
Tell us about your situation and we will point you to the right guides, tools and next steps.
The information on this page is for general educational purposes and is not personalized financial, tax, or legal advice. Please read our disclaimer.
