Insurance is not a topic that most of us enjoy either talking about or taking up, and our need for it changes over time. Protecting yourself from devastating financial loss is an important part of building financial strength – and insurance plays a crucial role. Ideally, you’ll never have to use it—but for those who need to claim, it can be absolutely essential for long-term financial security.

There are a whole host of scenarios where life insurance may be helpful, yet often overlooked. This may be to cover a loan or gift you have made to a loved one to protect your interest if something happens. You may want to cover the cost of estate taxes, or provide funds for your heirs to manage funeral costs, debts or other expenses. One of the most important milestones to review your insurance needs is when you’re starting a family.

A Long-term care policy can cover the cost for a nursing home, assisted living facility, or in-home care when you get older and start dealing with health issues. Nearly 70% of people turning 65 today will require some form of long-term care, making it a reality for most families. A common misconception is that Medicare covers long-term care – it does not. And while Medicaid will cover some expenses, you will have to spend down nearly all of your assets to receive help. If you are considering long-term care insurance, it is better to purchase a policy when you’re still in good health — generally in your mid-late 50s — than to wait until you’re ill or older, when it may become unaffordable or unavailable.

At FAC, we do not sell insurance, so we can offer an unbiased assessment of your risk exposures and evaluate whether your current coverage is best structured to meet your goals.