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<span style="font-weight: 400;" data-mce-style="font-weight: 400;">What Insurance Planning Has to Do with Your Finances</span>

What Insurance Planning Has to Do with Your Finances

Employing the right insurance strategies is an important part of financial planning. Without insurance, you take on more financial risk than you need to. For example, with disability and long-term care insurance, you don’t have to spend your retirement savings if you lose your ability to earn a regular income. Life insurance is there to protect your family, and annuities can provide a regular income during retirement.

Our financial advisors can help you understand the different insurance policies that are available to you and tailor them to fit your financial plan. Insurance protects you, your loved ones, and the wealth you’ve accumulated. Our team of dedicated financial advisors, located in Golden Valley, MN, are prepared to assist you in reviewing an optimizing your life insurance plan and more. 

Life Insurance

Term and permanent life insurance both offer a death benefit when you pass away. This death benefit can help your family and your dependents weather the financial difficulties of covering funeral costs and survive without your paycheck. A term life policy only lasts for 20-30 years, whereas permanent life does not expire. Permanent life insurance is also an investment that builds up a cash value, which you can withdraw or borrow from.

Disability Income Insurance

The likelihood of becoming disabled in your working years is greater than dying young, which is why disability insurance is an important part of your financial plan. A short- or long-term disability policy replaces some of your paycheck and allows you to cover your living expenses even if you’re no longer able to work.

Long-Term Care Insurance

A majority of people require long-term care at some point in their lives. Long-term care insurance is there to cover those costs, including nursing home care, in-home care, rehabilitation, and sometimes even short-term hospice care. Long-term care costs add up quickly. An insurance policy ensures you get the care you need without depleting your retirement and savings accounts, allowing you to age with dignity.


Annuities are a popular insurance product. They’re extremely useful for retirement income planning. When you purchase an annuity, you’ll receive a fixed or variable income stream in return. You can purchase an annuity that starts paying out at some designated time in the future or now. With an annuity, you can have a guaranteed income stream during retirement, much like a paycheck.

Insurance Planning Frequently Asked Questions

What Is Typically Covered in a Long-Term Care Policy?

A long-term care policy typically pays for expenses not covered by medical insurance. These include the cost of a nursing home, in-home health care by a certified provider, respite care if family members are caring for you, and rehabilitation. Some policies even cover short-term hospice care. Typically, your long-term care policy offers a specific daily benefit amount for a certain number of years. 

What Role Does Life Insurance Play in the Financial Planning Process?

Life insurance protects your loved ones from financial hardship if you die young. As such, it’s an important part of your financial plan, because it protects your loved ones and dependents. If you choose a permanent life insurance policy, it will also build a cash value and serve as an investment for you. Permanent life insurance can even become an income source during retirement or a part of your legacy plan for distributing wealth to your beneficiaries. 

Can You Cash Out Disability Insurance?

Sometimes disability insurance makes you an offer to take a lump-sum payment instead of regular payments over the course of time. The insurance company usually only offers that if they believe it’s financially beneficial for them. You must weigh the pros and cons of cashing out disability insurance, because you’ll give up any future benefits that way. 

Is an Annuity a Good Investment?

Yes, annuities can be a brilliant investment. There are different annuities available, depending on your preferred level of risk and potential rewards. You can use annuities to receive a fixed income during retirement, which can help you better plan for your living expenses.

Let’s Review Your Insurance Plan

CSV Financial Advisors specialize in using insurance policies to complete your financial plan. We know you’ve worked hard to accumulate wealth, and now your insurance can protect that wealth and your loved ones. Schedule a consultation with our team today to review your insurance planning strategy.

For more information about our firm and the services we offer, send us a quick email or call the office. We would welcome the opportunity to speak with you. | (612) 638-2727