Insurance is easy to set and forget—but your life changes. Deanne Rosso and Gary Stoller explain what insurance planning really is, how it protects your financial plan, and why reviewing coverage after major life changes can help prevent gaps or overpaying.Want help making sure your coverage fits your life today? Visit elevate-wealth.com and click Let’s Talk.🔗 Website: https://elevate-wealth.com🔗 Facebook: / elevatewealthadvisory 🔗 Instagram: / elevatewealthadvisory Subscribe to our channel and hit that notification bell 🔔 to stay updated on the latest investment strategies and financial planning tips!#InsurancePlanning #FinancialPlanning #RiskManagement #LifeInsurance #DisabilityInsurance #UmbrellaInsurance #WealthManagement #RetirementPlanning #PersonalFinance #ElevateWealthAdvisory

Insurance planning. What does that actually mean, and why does it matter? Let's find out today on Elevate Wealth. Hey, everyone, I'm Deanne Rosso with Elevate Wealth Advisory, and I'm here today with Gary Stoller, our director of wealth advice. Welcome Gary. Thank you. So, Gary, insurance is one of those topics that people know they should address, but they often put it off. So do you see that happening a lot? Yeah, I really do. Uh, it's one of those things they can kind of just kick down the road and procrastinate and put it off. A lot of families end up addressing this when there's like a major life change. Yeah. Maybe they move, or change jobs, have children, or when someone passes away, they might take a look at it. But really it's designed to protect the plan that you built. So, in plain terms, what is insurance planning? I would say it's making sure you have the right coverage, the right type of coverage, the right amount, and the right time. Mhm. Now, this can be health insurance, life insurance, disability, liability insurance. Also, you just want to make sure that your beneficiaries are up to date. Yep. That's that's an item that's just easy to forget about, and sometimes you know events can come up and people don't go in and update their beneficiaries when they really want to. Absolutely. So when someone says, "I already have insurance," what's your follow-up question? That's great. Do you actually know the details? Yeah. Like maybe, when's the last time you reviewed it? Is it some vague well general understanding...I think I understand the basics of it or no, I clearly understand the details, the amounts, and I reviewed it a year ago, or two years ago, or this year. Yeah. So reviews are really important because you want to make sure that there's not any gaps. Maybe when you got the coverage there was a gap you didn't notice and you realize it now. Yeah. We actually had clients that on the other side of the coin that received an inheritance and paid off a debt and then no longer need the protection. Yep. And so sometimes they're paying for something that they don't even need and just because they haven't taken the time to review their insurance coverage that you know maybe that money could be better used elsewhere. Yep. Agreed. And so you know you could be overinsured or or underinsured. We talk about gaps. That's correct. Right. So just important to do that review. That's a really great point, Gary. And you know, if any of you have questions about insurance planning, are you overinsured? Are you underinsured? Do you have the right kind of coverage? We're here to help. You can visit us at elevate-wealth.com and click "let's talk." Thanks for joining, and we'll see you next time.