Top 3 Questions to Ask an Insurance Advisor

You have multiple advisors – Estate Planners, Accountants, Investment Professionals – but often don’t know the right questions to ask. At Glassman Wealth, we love to educate and empower our clients. You should know that the people you’ve hired are making the right moves to protect and grow your wealth.
Here are the top questions to ask an Insurance Advisor this year:

1. Does a new insurance policy make sense?

The cost of life insurance has come down in recent years as people live longer. It may make sense to review your current policies to see if they’re still right for you (and if the costs still make sense). If your policy has a cash value built up, you could consider stopping your premium payments, and depending on your policy, the company could offer you a paid-up policy or extended term coverage instead. Call your insurance professional and ask for a review of your current insurance.

2. Should I increase my deductible to reduce my premiums? 

Often we see clients paying more in insurance premiums than they should. A higher deductible (the part you have to pay before the insurance kicks in) will likely mean lower premiums (ongoing payments). If you have emergency savings to handle a higher deductible and you don’t think you’re likely to need the insurance, then lower premiums could offer significant cost savings.


3. Should I consider an umbrella policy? 

Umbrella insurance is the most important insurance you probably don’t have. It provides liability coverage over your existing auto or home insurance in the event your other policy won’t cover the full amount. There are countless examples of when you could be liable for damages, and an umbrella policy would help cover these scenarios at a low cost (only a few hundred dollars per $1MM of coverage).


 If you'd like more information on how Glassman Wealth can provide insight into working with Insurance Advisors, see our article on the best insurance plans to consider right now.