Insurance Insurance and risk management play a large role in our financial lives. We encounter daily risks to our financial well-being, and the plans can go awry quickly upon one unexpected turn. Proper planning involves evaluating the risk and determining how to mitigate or manage them.We assist clients in the evaluation of risk to the following and consider them in the financial planning and investment process:Life insuranceDisability insuranceLong-term Care InsuranceThese are very personal types of insurance and require additional discovery and details to fully evaluate the implications to the overall plan. Of particular note is long-term care insurance; it is something that should be evaluated and considered with full disclosure and knowledge so that the proper coverage and costs are achieved.Life insurance can also be used in estate planning for future liquidity, covering debt and for legacy planning. Part of the financial planning process is the discussion of your goals and whether life insurance should be a part of the estate plan. The proceeds from life insurance pass without income tax, and can provide quick liquidity if needed. Properly maintaining the policy and premiums is crucial to a good estate plan, and we are prepared to assist in this strategy.At Paducah Financial Consultants we don’t feel that just having a life insurance policy is sufficient for the risk management. We take the time to ask questions and do an evaluation to help assess if it is the proper coverage for your particular goals. Guarantees are based on the claims paying ability of the issueing company.