Insurance comes in many shapes and sizes. At Crosswind Strategies, we view insurance as a tool to transfer all or a portion of a specific risk away from you and your family. Some of these risks we face will require investing in specific coverage from insurance carriers who pool the risks of thousands in similar situations; and for some risks we will merely look to reposition your assets to effectively manage the risk. There is much in life we cannot control; insurance is a tool used to put you back on course when you’ve encountered a storm.
Examples of the type of insurance we may use to protect clients:
• Life Insurance (Term and/or Permanent)
• Disability Insurance
• Long Term Care
• Health Insurance
• Property and Casualty (Home, Auto, Umbrella)
• Commercial or General Liability
• Errors and Omissions
• Workers Compensation
In designing solutions using insurance, it is also important to understand the unique attributes of insurance policies that may provide additional opportunity within your financial plan. With this in mind, we consider several types of insurance policies an asset class within your portfolio. For more on Insurance as an asset class, click here.
Misspent Insurance Dollars
In working with many clients over the years, we’ve found that often they have accumulated multiple different policies over a period of time. This is especially prevalent with business owners. Over time, policies may have overlapping coverage, may have been placed on outdated actuarial statistics, or may simply no longer be covering a necessary risk. We’ve found in these situations that many folks are spending unnecessary dollars for insurance coverage that could be reallocated to another part of their plan.
If you have multiple policies and would like a review for efficiency of coverage, please click here.
