Insurance Gaps Most People Don't See Coming

We make the case for a mid-year insurance review and explain insurance as a tool to transfer the few risks that can blow up your cash flow and net worth. We walk through the coverages that matter, the gaps we see most often, and a simple process to keep policies organized and aligned with your life.

• Summer as a natural trigger for insurance reviews due to new purchases, renewals and close calls
• The core definition of insurance as paying a little to protect against a low-odds high-impact event
• The policies to review beyond life insurance, including disability, health, auto, homeowners, liability and business insurance
• Why annuities and often long-term care planning sit outside a quick annual insurance check
• Common gaps and mistakes, including missing umbrella coverage, uninsured “toys,” stale vehicles and overlooked endorsements
• How to think about flood, earthquake and sewer line coverage through a self-insure versus insure lens
• Employee benefits oversights, including paying for add-ons you never use or understand
• Disability insurance basics, elimination periods and when short-term coverage can free up invested capital
• Life events that should trigger updates, including marriage, divorce, kids, job changes, home moves and retirement
• Document habits that make reviews easy, including saving declaration pages in a secure folder by year
• Why we prefer building the need with a financial plan before shopping with an insurance agent
• Beneficiary checks and why naming minor children can create avoidable legal friction
• A DIY approach using a written net worth statement and cash flow statement to test coverage decisions

Find Du Charme Wealth Management here:
https://ducharmewealth.com

Phone: 
(435) 288-3396

DISCLAIMER:
Information presented on this program is believed to be factual and up-to-date, but we do not guarantee its accuracy, and it should not be regarded as a complete analysis of the subjects discussed. Discussions and answers to questions do not involve the rendering of personalized investment advice, but are limited to the dissemination of general information. A professional advisor should be consulted before implementing any of the options presented. Encompass More Asset Management LLC is a registered investment adviser with the U.S. Securities and Exchange Commission (SEC) and only transacts business in states where it is properly registered, or is excluded or exempted from registration requirements.

0:00 Welcome And Risk Management Basics
5:14 Why Summer Triggers Insurance Reviews
8:46 Insurance As Risk Transfer Plus Health
11:08 Finding Gaps Umbrella And Home Riders
15:07 Employee Benefits Traps And Disability Math
20:23 Life Events Beneficiaries And Document Habits
26:49 Financial Planner Versus Insurance Agent
36:48 DIY Review Using Net Worth Basics
38:48 Closing And Next Property Casualty