Risk Management Strategies
Some of the services we offer at Cinergy, which is part of our overall retirement wellness approach to financial planning, include life insurance, long-term care insurance, Medicare, and umbrella policies. Although most people understand that life insurance is designed to protect our loved ones, they may not be aware of the risk management benefits as well. A life insurance policy can help you accumulate cash within the policy, which may contribute to your financial freedom during your retirement. Life insurance may also guarantee coverage in case of disability or estate planning.
Another important consideration of retirement planning is Medicare. Remember that financial health and physical health go hand in hand. To that end, you need to consider the role Medicare will play in your retirement planning. For example, you need to be aware that Medicare does not cover such things as prescription drugs, hearing aids, dentures, prescription glasses, among others. As valuable as Medicare is, it does not pay for everything. There are deductions and copays that add up and you need to factor these expenses in your planning. You may also want to consider an umbrella policy to protect you against creditor risk. While many investors focus on investment strategy, risk, inflation, etc., you also need to protect your assets. While you may have home and auto insurance, you may want to consider an umbrella liability policy that offers coverage that goes beyond your auto and home. At Cinergy Financial, we will help you explore different types of umbrella policies.