The Three Key Insurances to Protect Your Family

Maura Schauss |

Todd Youngdahl, CFP® at Washington Wealth Advisors

One of the reasons we created Washington Wealth Advisors was to provide comprehensive financial planning to our clients. This means that we care about your entire financial picture, not just your investment accounts. In the same way a good doctor will ask about your diet and exercise habits and review your records before making a diagnosis, we strive to take a personalized approach employing our fiduciary standing and aligning advice with your unique goals. 

A great investment portfolio means nothing if your financial plan doesn’t include protection against risks. Risk management through insurance is a critical part of a comprehensive financial plan. Without adequate insurance coverage, your financial future is not protected.

With the appropriate insurance tools, you can ensure that your assets are protected, and your family has a secure future, if the unexpected happens. As part of our annual planning reviews, we address the three key insurances that are an important part of your financial plan and can coordinate with your insurance provider to ensure you are covered.

Life Insurance

Thankfully, this is the least commonly used insurance of the three, but the most commonly purchased due to its importance. Life insurance protects your dependents in the event of your death. It’s important to carry life insurance if you have children or other dependents and to update your coverage based on your needs at least once per year.

Life insurance policies should be purchased to take into account mortgages, non-mortgage debt, childcare, college savings, and more. Stay at home parents should also have coverage, since they provide valuable work that would be costly to outsource in the event of their death. Business owners may have other insurance needs to protect the future of their business.

Long-Term Disability Insurance

About one in four of workers in their twenties will likely become disabled at some point in their careers. An accident, injury, or illness that keeps you from working can wreak havoc on your financial plans and set you back months or years. The most common long-term disability claims last year were neck, back, or joint disorders, according to the Council for Disability Awareness.

While many people think they are covered by their employer or state short-term disability insurance, the coverage is often limited and inadequate. Long-term disability coverage picks up where short-term benefits expire, typically after three to six months. Especially if you have a high-paying job, it’s crucial to purchase long-term disability insurance to protect against an unexpected loss of income.

Long-Term Care Insurance

If you are approaching age 65, it may actually be a gamble to go without long-term care insurance. According to the U.S. Department of Health and Human Services, 70% of Americans age 65 or older can expect to need some form of long-term care within their lifetime. Additionally, 20% of 65-year-olds will need long-term care for more than five years.

Long-term care insurance covers the cost of services that include a variety of tasks you may need help with as you age. Today’s long-term care policies offer more flexibility and benefits than ever before. It is important to understand the long-term care insurance options available to you and whether or not a policy is appropriate for your lifestyle and needs. While some policies can be expensive, requiring long-term care without insurance in place can be devastating.

Review Your Protection Coverage Annually

Have you reviewed your insurance coverage within the last twelve months? If not, you may benefit from a comprehensive review to protect your family and your financial future. We are here to help evaluate your insurance needs as part of your overall financial plan. Call our office at 703.584.2700 or email or schedule a meeting online today.




Washington Wealth Advisors is a fee-only registered investment advisory firm serving busy families, executives, women building wealth, and small business owners. We provide Wealth Advisory Services—financial planning coupled with asset management—guided by a personalized investment strategy based on each client’s unique goals. Our fiduciary approach, independent advice, and proactive investment management help to support our clients’ overall financial peace of mind.