Join Tiffany Guy CFP®, Jerry Mee CFP®, and Kaylee Benting for this all-insurance episode of BIF Bites Podcast as they explore common insurance protection gaps clients may overlook in financial planning. The discussion is structured around a planning process that first identifies financial exposure, evaluates existing resources, and then recommends solutions, covering three key risk areas: long-term care, umbrella liability, and disability income insurance.
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Long-term care focuses on rising care costs, cognitive decline, family support challenges, and the shift toward hybrid policies.
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Umbrella insurance addresses liability beyond home and auto limits in high-severity events.
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Disability income insurance highlights income replacement gaps, employer coverage limits, tax impacts, and the importance of definitions like “own occupation.”
3 Takeaways
- Three major insurance gaps: long-term care, liability (umbrella), and lost income protection (disability).
- Proper planning follows a process: identify exposure → assess resources → close the gap.
- Employer or basic coverage often leaves significant shortfalls due to limits, taxes, or eligibility rules.
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