Financial Literacy Lifestyle + Wellness

National Insurance Awareness Day

BY Spectrum Wealth Management | Jun 28, 2023

Insurance may not be the most exciting topic, but it’s a crucial part of protecting yourself and your finances. As we celebrate Insurance Awareness Day, let’s take a moment to talk about why insurance is so important and how you can make sure you have the right coverage in place.

The key part of this day is the middle word, “Awareness.” You don’t have to be an expert in risk management, but it is incredibly valuable to be aware of what insurance is, what it does, and how it helps you. This is particularly true in terms of financial risk.

There are numerous types of insurance out there—health insurance, life insurance, auto insurance, and more. Each category of insurance is designed to cover different types of risk, whether it’s medical expenses, property damage, or providing for your loved ones after you’re gone.

Knowing the different kinds of insurance is all well and good, but that only helps when you know what you need. Everyone has different exposures based on what they have to protect. A financial professional can help you assess your risk based on your possessions and assets. This gives you a leg up when you have a conversation with an insurance agent who can get you the policies you need to be protected.

Once you have insurance in place, it’s important to read your policy carefully and understand exactly what it covers. Many policies have limitations, exclusions, and deductibles that can affect your coverage, so it’s essential to know what you’re getting into. If you find the policy itself too dry to digest, have your agent go over it with you to help you better understand how your insurance works.

Having the policy set up is just the beginning. It’s important to review your policies regularly to make sure they still meet your needs. Your coverage needs may change over time, and it’s important to make sure you’re still adequately protected. You may have new cars, new businesses, or even a new beach property that you need coverage for, and a review is the perfect time to discuss these changes.

Insurance is an essential part of financial planning and risk management. By understanding your coverage needs, working with a financial professional and an insurance agent, and reviewing your policies regularly, you can ensure that you have the right coverage in place to protect yourself and your finances. So, as we celebrate Insurance Awareness Day, take a moment to think about your coverage and make sure you’re prepared for whatever life may throw your way.

Spectrum Wealth Counsel, doing business as Spectrum Wealth Management, LLC, is an investment adviser registered with the U.S. Securities and Exchange Commission. Registration does not imply a certain level of skill or training. Additional information about Spectrum’s investment advisory services is found in Form ADV Part 2, which is available upon request. The information presented is for educational and illustrative purposes only and does not constitute tax, legal, or investment advice. Tax and legal counsel should be engaged before taking any action. The opinions expressed and material provided are for general information and should not be considered a solicitation for purchasing or selling any security.