Vital Connections: Financial Friends We All Need – Part 4

Yesterday, I encouraged you to embrace the fact that YOU are the CEO of YOU, INC., and when it comes to your financial future, YOU ARE ON YOUR OWN.  The goal of this series is to encourage you to expand your network of friends, and consider adding people with financial saavy to help you build wealth for your family.  Today, I’m encouraging you to consider adding a fourth financial friend:


We All Must Leave Here

Insurance is a touchy subject that requires a soothing presence to ease the tension.  After all, insurance is all about planning for the unforeseeable.  There’s no getting around the fact, for instance, that your family needs to be provided for in case of your death. Finding an insurance agent with whom you can talk candidly is vital.

Who should I call?

According to Black Enterprise Magazine, “any agent can generalize what the average person should do, but you need an agent who understands your family history, someone you know will understand how your situation changes if you get a new job or face a sudden illness in your family.”  According to most industry experts, “at least once a year you should meet with your agent and review all your basic insurance policies such as car, home, and life insurance.  You should also ask about coverage for disability, retirement, and long-term care options that can be tailored to your needs.”  Having an agent who knows you by name is especially helpful when you have to file a claim after a car accident or major disaster such as a house fire.

Get References

In general, there are two types of insurance agents – independent agents who write for more than one company and contract agents who represent a single company.  I asked my financial planner “what type of insurance should people consider?”  His reply: Life Insurance, Auto Insurance, Health Insurance, Disability Insurance, Home Owners Insurance, Renter’s Insurance, and Flood Insurance (if you live in a flood zone).  If you’re the type of person who prefers sequential steps to get started, you can begin your search by reading this article.


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