You have financial goals to reach, but how do you make sure your investments and finances are aligned with your goals? And how do you make sure your assets and income are protected in a way that allows you to survive anything? In light of the coronavirus, it is especially important for you to review your life insurance coverage as well as disability. 

You need to build a plan to accomplish all of your goals, determine the gaps and set the plan in motion. But what happens if life throws you a curveball? You become disabled, have an accident, your house goes up in flames, or you pass away suddenly. Have you taken the necessary steps to protect your livelihood as well as your family’s future should the unthinkable happen? Like the completely unanticipated global pandemic? 

We understand thinking through every aspect of your finances can feel overwhelming. At Cogent Strategic Wealth, we work with people just like you to customize a plan that helps you safeguard what you’ve worked so hard for.

Here’s how it works: 

Success Starts with Developing a Plan

  • Clarify your goals – be specific and reflect your unique circumstances
  • Focus on key life areas such as funding education, transitioning away from full-time employment, building a legacy.

Determine the Gaps

  • Saving enough?
  • Spending too much?
  • Unrealistic expectations of what’s possible and what’s not?
  • Know yourself – you are the volatility.

Plan for the Unexpected

In order to safeguard your investments and finances, we recommend adding these 5 types of insurance to your wealth strategy. We also recommend you engage with an independent insurance agent. We can help you find the right one for you too.

1. Disability Insurance

Take the simple and affordable precaution of protecting your income stream with a disability insurance policy. What ifs abound:

  • What if you suffer a disability and cannot work at all?
  • What if you can work, but not in the manner you’re used to?
  • What if you need to invest time and money to re-career yourself?
  • What if you need to hire and train support staff to continue your business?
  • What if the role of the family breadwinner must shift to your spouse?

The consequences of not having disability insurance when you need it should compel you to consider the coverage available to you. No one wants to watch their dream disappear due to the unexpected, especially when it’s comparably affordable.

2. Life Insurance

As soon as somebody depends on you financially, you probably need life insurance. To ensure your life insurance planning is on track, ask and answer these five questions:

  • What type of policies do you have?
  • Who are the beneficiaries of your policies?
  • What is the death benefit of your policies?
  • Where are your policies located?
  • Have your life circumstances changed in a way that warrants taking additional action to update your coverage levels?

3. Long Term Care Insurance

Not having long-term care insurance can be the single biggest devastator of your financial plan. When assessing your need for long term care insurance, ask these relevant questions:

  • Have you considered what resources you have available to you to cover the cost of any potential long-term care needs?
  • What is the cost of care in your area and the daily benefit amount you need and want? These may be two different answers.
  • Do you have a strong preference on where you’d like to receive care should you need it?
  • Have you spoken to family members (if applicable) regarding your preferences?

4. Property and casualty insurance

Protects individuals from losses they cannot afford to cover on their own. These insurance products protect individuals and families against potentially crushing financial losses caused by fire, theft, natural disasters, death, accidents and lawsuits. Included are:

5. Director and Officers Insurance

Protects the personal assets of corporate directors and officers, and their spouses, in the event they are personally sued by employees, investors, or other parties, for actual or alleged wrongful acts in managing a company including, but not limited to:

  • Breach of fiduciary duty resulting in financial losses or bankruptcy
  • Misrepresentation of company assets
  • Misuse of company funds
  • Fraud
  • Theft of intellectual property

We can help guard against the unexpected

Many professionals have every aspect of their lives planned out, except for the financial part of life. For the last 10 years, Cogent Strategic Wealth has helped busy, thriving professionals make sense of their financial plans. Together, we manage the many items that go into achieving your financial goals including recommendations on life, disability and property and casualty insurance.

We face risks every day, some bigger than others. If you want help managing risks, learn how a fee-only, independent wealth manager can assist you in building a customized financial plan. Sit down with our team and talk about what success looks like for you, build a plan that fits your lifestyle, and execute it. We can also help you avoid the headache of managing a team of professionals that impact your tax, estate and insurance planning needs. 

Don’t risk your financial future blowing up due to the unthinkable happening. Don’t manage your financial future all on your own. Book your Cogent Conversation today!


The opinions expressed by featured authors are their own and may not accurately reflect those of Cogent Strategic Wealth®. This article is for general information only and is not intended to serve as specific financial, accounting or tax advice. By clicking on any of the links above, you acknowledge that they are solely for your convenience, and do not necessarily imply any affiliations, sponsorships, endorsements or representations whatsoever by us regarding third-party Web sites. We are not responsible for the content, availability or privacy policies of these sites, and shall not be responsible or liable for any information, opinions, advice, products or services available on or through them.

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