A newly married couple joyfully welcomed their first child into their family. Recognizing the risks and responsibilities associated with children, they wanted to be positive they were protected and met with planners at Davies Wealth Management to discuss various insurance options. The planners presented basic fundamentals of risk management and cautioned them that without proper insurance coverage, their savings, home, and future income could be in danger.
Situation and Outcome
The meeting was very productive. The planners reviewed short and long-term disability provided by the couple’s employers to be certain coverage was sufficient, the definition of disability appropriate, and the carrier an A+ rated company. They stressed the importance of proper coverage to protect them if a long-term disability occurred, which may be financially devastating without ample coverage.
Working in concert with the couple’s property and casualty agent, the planners analyzed the auto and homeowner’s policies to discern extent of coverage, the existence of replacement cost riders and amount of deductibles to be sure they were not paying too much. As added protection for their assets, Davies Wealth Management coordinated each policy’s liability with a new umbrella liability policy.
Results & Lessons Learned
Davies Wealth Management planners provided objective advice because they are not tied to any particular insurance company. The end result was to obtain proper coverage, help minimize annual costs wherever possible and acquire insurance through high-quality companies.
The Moral of the Story: Being properly insured results in peace of mind.