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Get Your Financial House in Order in the New Year
The beginning of the year is a popular time for getting organized. But as you clean out your closet and your refrigerator, don’t forget to get your financial house in order.
First, look at your insurance coverages, which can be affected by life changes. For example:
Have you had a major life event? Did you get married or divorced? Did you have a new child or grandchild? That can change the type or amount of life insurance coverage you might need or want. In addition, you might need to update the beneficiary or beneficiaries on your policies to reflect your new status. Even if you haven’t had a big life event, it is a good idea to look at your beneficiaries each year.
Are family members having major life events? Do you have a child who is about to get a driver’s license, or one who is heading off to college or boarding school? Are you hosting a wedding or other big event? Events such as these can change your insurance picture, and the best time to talk about the kind and amount of coverage you might need is before you actually need it.
Has your income level changed? Did you get a new job or a big promotion? Did you win the lottery or get an inheritance? Did you retire, and did that affect your income? It could be a good time to look at how your insurance is structured and whether it is still sufficient to protect you. For example, if you have a significantly higher income, you might need to revisit your liability coverage limits.
Have you moved or made major improvements to your property? Did you buy a vacation home? And as a result, do you need to update your property coverages? Also, if you are considering a new home or vacation property or if you are thinking about a major remodeling project, be sure to check with us as you finalize your plans so that we can ensure that you have appropriate property and liability coverages.
The start of a new year is also a good time to review your overall financial plan. Start with your investments – are you satisfied with both the risk and the return aspects of your portfolio? If not, what kinds of changes would you like to discuss?
Revisit your estate plan to make sure that both the plan and the investment approach still work for you. Review your will to check that it still represents your wishes, and make sure you have appropriate powers of attorney and a living will.
At The Bensman Group, we believe in having strong relationships with our clients. We know that the better we understand what is going on in your life and what your expectations and aspirations are, the better we can serve you. We invite you to give us a call and schedule a visit or a conversation to bring us up to date on what's going on in your life and the life of your family. That way, we can help you protect the people and things you hold most dear.
To discuss any risk management or wealth management need, contact us at 847-572-0808 or firstname.lastname@example.org.