Summer has arrived! Schools out! Long days are in! It’s the time of year to celebrate achievement. Life is exciting with new beginnings and new growth. As you enter new chapters and stories, are you flipping a coin or choosing wisely? In honor of June 1st being National Flip a Coin Day (yeah, we just found out too), we’re reminding you to not flip a coin on your future!! Do you have yourself protected accordingly? At Redwood Financial Network we look at all facets of financial planning, and one chapter of your plan is risk planning. Make sure you are protecting all areas of your life. Family, business, income, house, car, and self.
Family – Life insurance is a tool for protecting your family. Is your family protected in the event something were to happen to you? Many people choose not to consider the need for life insurance beyond what they may receive from a current employer. However, what happens if you change jobs? Will that effect the coverage you have in place to protect your family? What if something unforeseen occurs to your spouse? Will the household be able to function without them? It is important to assess the current life insurance need versus coverage. Make sure you are protecting those you love.
Business – Key man insurance is an important option when protecting risk in your business. If you own a business, have you devised a succession plan? Are your business partner, family, and employees protected in the event something happens to you leading to effects on your company? Would the company be able to continue if something happened to you as an individual?
Income – Per our article last month in the Signature Life Magazine, disability insurance is an important avenue to take when protecting potential lost income. Many people feel their greatest asset is their home; however, one’s greatest asset is their ability to earn income. If you lose this ability, your world can turn upside down.
Home – Homeowners insurance is a given. A mortgage on a home cannot be given without proper insurance. All people should have proper coverage to protect their dwelling as well as the items within it. Be aware of your coverage for fire, flood, robbery, and natural disaster to name a few.
Car – We all know in the state of Ohio, car insurance is mandatory. Have you reviewed your policy? Have you spoken to competitors? This highly competitive business can give you, the consumer, a great edge by simply receiving quotes from different companies/agents. It is important to look into credit unions, military companies, and organizations as well as major corporations. Know your eligibility for special rates (good student discounts, AAA, military family members, etc).
You – As we have looked at the many important assets you may have in your life, do not forget the importance of you. Are you insured properly for your health? Are you utilizing your annual well check to properly protect you and your family?
Signature residents, do not flip a coin! Your financial plan deserves better than a 50/50 shot. Let’s have fun but proceed into National Annuity and Insurance Awareness Month by completing an insurance analysis for yourself. Make sure you do not have too little or too much insurance. The above listed insurance options are a few of the most common needs but by and large do not cover all needs and options. For further explanation of annuity and various insurance options please scan the QR code or go to your Signature Life Of Solon webpage.
Hello Signature of Solon and Rollingbrook Estates Residents
Redwood Financial Network is an independent wealth management firm headquartered in Solon. Our community involvement has led us to an exciting new partnership with your Signature Life publication. Each month be sure to flip to our page to see what’s new and gather some tips that you can use to manage your financial life. Between Covid-19, changing presidential administration, job changes, and the Browns finally being good, things feel different. Life in these unprecedented times have likely prompted many new questions. That is especially true when we think about our finances. If there is a topic you would like to learn about, let us know! If you have any financial questions, we want to hear them!
We look forward to a great relationship with your terrific community.