Here are five questions you should ask your financial professional:
• Is my coverage adequate? Ensuring proper protection against death, disability or injury is one of the most important things you can do for your family. Talk to your financial professional about cost concerns, protection options and how you can make sure that your family will be covered financially in the event of an untimely death or disability. If you’ve had major life changes like the birth or adoption of a child, bought a house or got married, chances are your protection will need updating.
• What are some creative ways we can refine my strategy to help maximize benefits? This is the area that a financial professional can really help you. He or she can help you organize your financial strategy in a way that factors in things like taxes and market volatility, and he or she will know what changes are on the horizon that could affect you. He or she can also help you use staple products like life insurance in unique ways, such as helping supplement a retirement income stream. These are applications many average folks don’t know about, but can offer different advantages to your financial strategy.
• How are my financial strategies aligning with my values? Having a financial strategy which allows you to align your finances with your values is another important topic to bring up. If you have charitable causes you want to support, or volunteer trips you want to take, make sure your financial professional knows about them, and he or she can help you develop ways to bring your generosity to life.
• Tell me about the strength and stability of your company or organization. Insurance is only as strong as the ability of your financial institution to pay out claims when you need to claim a contract. Make sure to investigate the strength and stability of any company you’re working with to ensure it is financially sound enough to make good on its obligations.
• What should I do differently in the next year? Your financial professional is often in a unique position to help you stay ahead of the curve when it comes to your future strategy needs. Taking advantage of market volatility and ensuring your future protection needs are just two of the many variables to consider. Yearly meetings with a financial professional can help you hone your financial strategies for the upcoming year and help keep them as healthy as possible.
Information provided by Duane Faas and Kirt Till, Thrivent Financial, 315 Sixth St., Ames, 515-292-7077.