You realize how much you need insurance when you don't have it. It can mean the difference between piece of mind and bankruptcy.

Financial Planning is an important consideration for most all of us. Especially if you have someone who relies on your for financial support.

Life insurance is one way to provide the financial security your family may need.

Before shopping for life insurance you may want to consider how much life insurance you need, what type, what yuo can afford, and for how many years you may need life insurance.

Always take the time to review the financial strength ratings of life insurance companies before choosing a carrier.

HMO: The Health Maintenance Organization is one that allows a member to select a particular doctor off the panel. It is these selected doctors that will deal will with members' problems. The selected doctor is the one that will be approached for checkups of any kind, and if there are problems with a member that cannot be handled by him or her, the member is referred to specialists.

Having an insurance license and working more on the asset management side of things I would say that your insurance agent is rarely your financial planner. If you work with a qualified financial planner, like a fee based Certified Financial Planner, then you will find that they understand insurance very well and can help you find the proper coverage. I do agree that most people are under insured, but most insurance professionals I have worked with do not understand other areas of financial planning as well. From an investment standpoint they are likely to sell you mutual funds in an asset allocation model and call it investing.

"Insurance is the cornerstone of any financial plan."

A compliance officer and/or attorney would never authorize the initial statement for good reason. Careful what you post but more importantly, careful what you advise your clients!

You know.. when you still have children at home.. life insurance is important...
for now with an empty nest.. i am wondering we need to keep it up....

Yes, I agree.
Insurance is the first instrument in any financial plan, but still, people consider it at the last.

I would have to agree with everything above. Stay away from the salesmen and get a fee based advisor.

Trusting financial planners can be very difficult these days. Giving any control or money over to anyone after all of the scams that are in the news every day, big and small companies. I'm shocked by the greed and hope that I never get robbed by any financial planners.

I am planning to move out for my first time and I would like to know about how much do I need to have saved in order to live without worrying?

hello everyone,

Yes, insurance is important but it is only one of the cornerstones of your financial health. Insurance is all about managing risk and that is what is should be used for. You wouldn't want to use insurance for investing as is often proposed by supposed "financial planners" who are really product pushers working on commission.

Someone mentioned working with a Certified Financial Planner which I think is a good idea if they don't sell product but rather only charge a fee. You should also consider fee only RIA's (Registered Investment Advisors).

There are many parts to keeping your financial house in order. Don't be swayed by anyone trying to tell you that insurance is all you need or investments is all you need or tax planning is all you need. You get the idea. Good luck.

RichS

I will agree with you the any solid financial plan includes life insurance in the foundation. It alllows you to get to the next stage in the event of a loss of income, etc. A good financial planner will include it in the plan however it should only be a part of the plan and not the whole plan as it is often sold then the agent moves on for the next sale calling himself a financial planner. If you need insurance buy from someone not "selling" it.

financial plan is a series of steps which are carried out, or goals that are accomplished, If you plane well before investing then you can get a profit in real estate