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Personal and Business Banking

Insurance and Financial Planning

StreetWise Insurance Guide

Life rings
  • Summary
  • Article

Insurance and Financial Planning

Exactly what types of insurance and how much do you need to protect yourself, your family, and your property?

Answering that question appropriately for your circumstances is impossible unless you have an accurate overview of your current financial picture and your present and future needs and goals. Creating that overview is typically the first step in a formal financial planning process. The financial planning process helps you evaluate your financial resources and your goals to create a plan to achieve the objectives important to you and your family's financial security.

Managing risk through insurance planning is one of several important aspects of sound financial planning. Other typical aspects include cash flow management, income tax planning, investment planning, retirement planning, and estate planning. This guide's resources provide an excellent place to start thinking about insurance planning. But as you can see, the various aspects of financial planning are interrelated. Your retirement planning goals and managing your income tax liabilities to your best advantage, for example, might be one influence on certain insurance decisions.

Taking time to educate yourself about the broader aspects of financial planning can provide information you need to make wiser insurance choices. To create a personal financial plan, many individuals find it helpful to work with an experienced, well-qualified financial planner.