At Fairman Financial, we take a holistic approach to financial planning, ensuring that every aspect of your financial life is aligned with your long-term goals. An important part of this process is evaluating your insurance needs. While we don’t sell insurance products, we collaborate closely with trusted insurance professionals to help you secure the right coverage. Our team of CERTIFIED FINANCIAL PLANNER™ certificants assist you in assessing your insurance needs and integrating them seamlessly into your overall financial, retirement, and estate plans.
No two financial plans are the same, and neither are the insurance needs. We work closely with you to understand your current situation, future goals, and potential risks. Whether you’re a new family looking to secure life insurance, a coastal property owner evaluating the adequacy of property and casualty policies, or a business owner needing liability coverage, we tailor our conversations to your specific circumstances.
Having a plan for an untimely death is a critical component of anyone’s financial plan. Our advisors explore how life insurance may fit into your broader financial strategy—whether you’re looking to protect your family’s financial future and replace a future income stream, provide liquidity for estate taxes, or fulfill charitable giving goals. But life insurance is just the beginning; we assess your needs for other types of coverage, such as disability, long-term care, and property and casualty insurance.
One of the noteworthy benefits of working with our firm is that we do not sell insurance products. Instead, we partner with independent insurance agents who specialize in specific types of coverage. We make sure you’re connected with professionals who will provide you with options appropriate for your situation. The advice we offer is unbiased and aligned with your needs—not to the sale of a particular product.
Insurance is not just about protecting against unforeseen events; it can be essential to securing a stable financial future. Many people overlook the cost of long-term care, which can be substantial when needed. We work closely with clients to ensure that long-term care insurance is factored into their retirement budgets. Additionally, health insurance plays a major role, especially if you retire before Medicare eligibility. We help clients explore their options and understand the benefits of certain features, including Health Savings Accounts (HSAs), which offer tax advantages and can be a crucial part of healthcare planning in retirement.
Evaluating your property and liability coverage is vital, especially for those facing rising costs in waterfront properties or homes in high-risk areas like Florida or California. It’s important to have the right coverage to mitigate risk without overextending your budget. We can help weigh estimated policy costs and factor them into your financial plan. For business owners, insurance goes beyond personal coverage. We collaborate with professionals who specialize in business insurance to ensure your company is protected from potential liabilities and other risks.
As with many things, insurance needs change as life changes. During the periodic review of your financial plan, we make sure your insurance policies are still aligned with your goals. Whether it’s adding coverage for new assets, adjusting life insurance policies, or ensuring your health insurance still meets your needs, we work to understand and protect what matters most to you. For instance, if you’ve made significant home improvements, purchased a second property, or welcomed new family members, your insurance coverage may need adjustments.
The tax implications of insurance are other aspects that clients sometimes overlook. Our firm is rooted in comprehensive tax-planning, so we help you understand the tax advantages and implications of different insurance products. Whether it’s the tax-free nature of life insurance payouts or the tax benefits of HSAs and FSAs, our team ensures you make the most informed decisions.
In the case of estate planning, we evaluate how your insurance policies, such as life insurance trusts, may impact your estate taxes and help you navigate any upcoming legislative changes that could affect your financial plans.
At the heart of our approach is understanding your full financial picture and working with you to ensure that many areas of your financial life, including insurance, are addressed. Whether you’re starting to plan for the future, or you need a fresh look at your current insurance situation, we’re here to guide you.
If you have questions about your insurance coverage or need to revisit the adequacy of what you have in place, don’t hesitate to reach out to our team of professionals. Let’s work together to make sure you and your loved ones are protected, today and into the future.
About Fairman Financial
Fairman Financial is a fee-only financial planning firm located in Chesterbrook, PA, offering wealth management, investment advisory, tax and personal accounting services to individuals and families. Investment advisory services are provided by The Fairman Group LLC, an independent investment advisor registered with the Securities and Exchange Commission.
