When a client recently had to take time off work for medical recovery, their insurance helped, but not as much as they expected. The experience wasn’t catastrophic, but it was clarifying. Since then, they’ve become more intentional about what protections are really in place. It’s a common realization: having coverage doesn’t always mean having the right coverage. If it’s been a while since you’ve reviewed your insurance strategy, here are four smart areas to reassess, along with a few “Insurance 101” insights that may help you (or someone you care about) feel more confident in what’s covered.
1. Disability Insurance 101: Can You Afford to Miss a Paycheck?
Most people think of disability insurance as something for high-risk jobs. But anyone who earns a paycheck, and relies on it, should understand how their disability coverage works.
What to check:
- What percent of your income is replaced if you can’t work?
- How long would benefits last?
- Is your coverage tied to your employer, or is it portable?
Tip: Consider reviewing your group policy alongside supplemental private coverage to ensure you’re not underinsured.
2. Life Insurance Isn’t Just for Parents
Life insurance often starts with a milestone: getting married, buying a home, having a child. But over time, your needs shift. The amount you needed five years ago may not reflect your financial responsibilities today.
What to check:
- Coverage amount vs current income and debt
- Beneficiary designations (especially after a marriage or divorce)
- Whether term of permanent life insurance is still a good fit
Insurance 101: Term life insurance offers coverage for a set number of years, while permanent life can provide lifelong protection and potential cash value growth.
3. Online Security Is Now Part of Risk Management
As more of our financial lives move online, identity theft and fraud are becoming bigger pieces of the risk management puzzle. It’s not just an IT issue – it’s part of protecting your wealth.
What to check:
- Are you monitoring your credit regularly?
- Do you have alerts set up for unusual activity?
- Is identity protection bundled into another service you already pay for?
Did You Know? Some homeowner & umbrella insurance policies now offer identity theft coverage as an add-on!
4. Health-Related Costs Can Strain a Financial Plan
Even with health insurance, an unexpected diagnosis or long-term care need can create pressure. Planning for these possibilities early helps you stay on track with broader financial goals.
What to check:
- Do you have an HAS or FSA in place?
- Are you approaching Medicare eligibility within the next 3-5 years?
- Have you discussed long-term care planning with your advisor?
Insurance 101: Medicare doesn’t cover all care types. Supplemental insurance and long-term care strategies can help fill the gaps.
Ready for a review?
At Centurion Wealth Management, we believe risk planning is the foundation for a confident financial strategy. If you’re unsure whether your current coverage still fits your goals, we’re here to help you evaluate what you have and identify what you might need next.
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