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Income Protection Checklist

HOW STRONG IS YOUR INCOME PROTECTION PORTFOLIO? A 22-POINT CHECKLIST

By Marc Mattarochia

As a best practice, individuals who are concerned with their financial longevity should regularly review the strategies that seek to protect their lifestyle and well being. This can include life, disability and long-term care insurance as well as other wealth protection strategies. When evaluating different types of coverage that may be available through your employer, it is important to understand when and how your coverage can change. Moreover, it is crucial to understand that your coverage at work can be reduced or eliminated altogether, regardless of job status, at your employer’s discretion. Please spend some time with this comprehensive, proprietary checklist as a useful tool for identifying strengths and weaknesses in your strategy. After sharing your findings with your spouse or partner, contact us to schedule a review meeting to determine what, if any, steps may need to be taken to help you plan for protection.

Life Insurance

  • What happens to my group coverage if I leave my current job or when I retire?
  • Am I paying too much for my coverage?
  • Do I have the right amount of coverage?
  • Do I have the right type of policy, such as term life or whole life?
  • Can my employer change or cancel my coverage?
  • Can I adjust my coverage at work? If so, when?

Disability Income Insurance

  • What is the difference between long and short term disability insurance?
  • What percentage of my pay does my employer cover?
  • When does my benefit start if I am sick or disabled?
  • How long does my benefit last when I go on claim?
  • How is my benefit taxed?
  • Does my coverage include a percentage of my bonus payment(s)?
  • What if my coverage at work is not enough?

Long-Term Care Insurance

  • What is long-term care insurance?
  • What does it cover?
  • What are ADL’s (activities of daily living)?
  • Is it affordable?
  • What is the best age to purchase a long-term care policy?
  • Should I have long-term care insurance?
  • Who will care for me when I am older?
  • Do I have to enter a nursing home or assisted living to be eligible for help?
  • Would I prefer to stay home if I need help?

The author is an LPL Financial-registered representative with V&T Wealth Advisors, an affiliate of Cottrill, Arbutina Wealth Management Group. Securities are offered through LPL Financial, a registered investment advisor, member FINRA/SIPC. V&T Wealth Advisors and Cottrell, Arbutina Wealth Advisors are separate from LPL Financial.

He is the lead investment/insurance transition specialist at V&T Wealth Advisors for clients who retire or change employment, and helps manage the firm’s financial education initiative. Contact him at marc.mattarochia@lpl.com or at 724.683.3462.