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Aligning Insurance Products within a Planning Structure


We use a variety of insurance products to manage risk in different areas of our lives in order to protect our wealth from losses that can come from property damage, businesses we own, disability, retirement and death. Instead of considering these products as separate items, make them part of an integrated, overall risk management plan.

The Key Takeaways

  • A variety of insurance products are used to help manage risk and protect wealth.

  • The best results occur when separate insurance products are part of an integrated plan.

Different Kinds of Insurance for Different Risks

Most insurance can be grouped in these general categories:

Property- This would include insurance on automobiles and other vehicles; home, furnishings, jewelry and artwork, and personal liability insurance.

Business- Business owners need insurance on a building they own, office equipment and computers, as well as liability, worker compensation, errors and omissions insurance, and so on.

Health and Disability- Disability income insurance replaces part of your income for a certain length of time if you should become ill or injured and unable to work. Health insurance helps to pay for medical services received. Long-term care insurance helps to pay for extended care that is not covered by most health insurance or Medicare.

Retirement- Annuities and other insurance products can help replace income after retirement.

Estate Planning- Life insurance is often used to replace an earner's income; to pay funeral expenses, debts and taxes; to fund family and charitable trusts; to fund a business buyout and compensate the surviving owner's family; and to provide an inheritance to family members who do not work in a family business.

What You Need to Know

Remember, insurance is for risk management--to protect your wealth from potential areas of loss. If a risk is no longer there (the exposure ends or you are able to self-insure and cover the risk yourself), then the insurance coverage for that risk can be eliminated.

Actions to Consider:

  • Trying to coordinate your insurance and manage your risk yourself is a daunting task. Instead, work with a team of advisors who have the knowledge and experience to help you make sure your risks are covered at the appropriate levels, without duplication and unnecessary costs.

  • An advisory team will usually include your financial investment advisor, estate planning attorney, and life, health and property/casualty insurance agent(s). Other members may be added to this team as needed. You will probably find that your advisors will welcome the opportunity to work on your team, because they want to provide you and your family with the best possible service and solutions.

About the Company:

Heritage Law Group, PLLC is a boutique Estate Planning and Elder Law firm assisting residents in Tennessee and Kentucky. We are dedicated to providing client-centered, professional legal services that are individualized through one-on-one consultations. We delight in empowering our clients and community through education and providing specialized resources. Our integrity-driven team will help you protect your legacy while delivering outstanding quality at a reasonable cost.

Owner, Jake Mason, J.D., LL.M. (Elder Law & Estate Planning), EPLS, is board-certified in Estate Planning and Probate, accredited by the United States Department of Veterans Affairs, and licensed in Kentucky and Tennessee. Contact us to schedule a consultation at (615) 989-7054 or info@planyourlegacy.com.

Your Legacy Is Our Priority™

Heritage Law Group, PLLC

1526 Hunt Club Boulevard, Suite 550

Gallatin, Tennessee 37066

Phone: (615) 989-7054

Fax: (615) 751-5208

info@planyourlegacy.com

Monday-Friday, 8:00AM-4:30PM

Visiting this site does not create an attorney-client relationship with Heritage Law Group, PLLC. Tennessee law requires notification that this is an advertisement and this website is not intended to provide legal advice. If you are seeking legal advice, you must seek it by speaking directly to a licensed attorney. While our firm welcomes feedback, we cannot accept a new legal matter without making sure there is no conflict of interest with other client matters in which we are already involved and there is no other conflict of interest that might prevent us from representing you. Unless otherwise noted, all Heritage Law Group, PLLC attorneys are generally licensed to practice law in the State of Tennessee. Attorney Jacob Mason is also licensed to practice law in the State of Kentucky. Every situation is unique and you should not act on information contained in this website without seeking advice from a legal professional specific to your particular situation. 

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