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How Insurance Fits into Your Financial Plan

Many people underestimate the importance of insurance and focus on reducing premiums instead. But if you want to protect your loved ones and your wealth, insurance must be part of your financial plan. Our independent agents at McCaleb Wealth Management can help you understand your insurance needs and suggest the policies that will protect you, your family, and your assets. Our firm is located in Pinetop, Arizona and assists individuals in Northern Arizona and beyond with all their financial planning needs. 

Even though it is difficult or upsetting to think of dying or becoming disabled or needing long-term care, at some point, you may find yourself in a position where you cannot provide for your family. Fortunately, you don’t have to accumulate enough assets to protect yourself from the financial risks. That’s what insurance is for. Our independent agents will focus on finding the insurance policy that will offer the protection you need.

<span style="font-weight: 400;" data-mce-style="font-weight: 400;">How Insurance Planning Works</span>

How Insurance Planning Works

What type of insurance you need depends on your specific circumstances. Our independent advisors can assess your situation and make recommendations for your case during your appointment. In the meantime, here is some information about the most common types of policies.

Life Insurance

While planning for your life insurance, we differentiate between term and permanent life insurance policies. Both include a death benefit, but permanent or whole life also builds up a cash value. Term life can provide the protection you need at a lower price point, but whole life is an investment you keep for the long term.

Disability Income Insurance

Since it’s more likely for you to become disabled than die young, disability income insurance is important to protect yourself from the financial consequences. Disability insurance can replace your paycheck permanently or temporarily, while you’re healing or switching careers.

Long Term Care Insurance

Long-term care insurance can protect your wealth, because it covers the expenses your health insurance won’t. This includes in-home care, nursing home costs, and rehabilitation expenses.


Annuities are another insurance product, designed to provide a secure income stream. They’re often used for retirement income planning because we can structure them to mimic a paycheck and provide you with a regular income.

<span style="font-weight: 400;" data-mce-style="font-weight: 400;">Why Insurance Is Important</span>

Why Insurance Is Important

If you don’t have insurance, you’re technically self-insured. If a catastrophic event happens, that’s not covered by insurance, you’re the one who has to pay for it. Most people don’t have enough of a financial cushion to protect their loved ones or their wealth if they’re unable to earn an income. 

You’re more likely to become disabled or need long-term care than die at a young age. Without adequate insurance protection, you’ll end up spending your retirement funds and other assets to provide for yourself and your family. That’s an enormous risk to take on. Fortunately, you can transfer that risk by purchasing an insurance policy to cover these risks for you.

Use Estate Planning to Leave a Legacy

Our financial advisors can help you with legacy planning. For example, we can use permanent life insurance and other investments to transfer generational wealth according to your wishes. We will also advise you about wills and trusts and the importance of your beneficiary designations.

Insurance Planning Frequently Asked Questions

What Is Typically Covered in a Long-Term Care Policy?

A long-term care insurance policy typically covers the cost of assisted living facilities, nursing home care, and in-home care. It can also pay for rehabilitation or occupational therapy. It may even cover short-term hospice care for terminally ill patients and respite care if you’re relying on family as your caregivers. 

What Role Does Life Insurance Play in the Financial Planning Process?

Life insurance is important to protect your family from the financial consequences of your death. If you’re financially contributing to caring for your dependents, your life insurance policy protects them from financial hardship. Life insurance can also be used as an investment and become an asset in your estate plan. 

Can You Cash Out Disability Insurance?

Sometimes. If you receive disability insurance benefits, the insurance company may make you an offer to cash out. Usually, the insurance company will only do that if they think it’s for their benefit, so be careful before you take a lump sum payment and forfeit future payments. 

Is an Annuity a Good Investment? 

It can be, but it always depends on your goals. An annuity can be a great investment for your money, especially if you’re looking for a steady source of income. Annuities are a great way to provide a regular income stream during retirement, which can help you make the most of your other assets, too.

Let’s Review Your Insurance Strategy

At McCaleb Wealth Management, you’ll work with independent agents. We have no vested interest in the insurance policies we recommend. Our goal is to help you with financial planning and making better decisions for your family and your wealth. Our needs-based approach provides you with the coverage you need. Let’s review your insurance strategy together. Call our office to schedule an appointment.