By Debra L. Nelson, MSFS, CASL, Certified Financial Planner, Special Needs Planner
A lack of understanding of how to protect our assets and to know what kind of asset protection we have leaves us open to the risk of losing the assets that we have worked so hard to accumulate and that we want to preserve for ourselves and our loved ones.
Ensure your financial future is secure by identifying areas of exposed risk in your life. Complete this comprehensive questionnaire covering life insurance, health insurance, disability insurance, liability risks, and estate planning.
Risk Quantification Questionnaire
Life Insurance
- Do you have life insurance? Yes / No
- Is it sufficient to replace your income for heirs? Yes / No
- What percentage is tied to your employer? ____________
- Do you have life insurance outside your employer? Yes / No
- Beneficiary: ___________________________
- Do your grown children with children have life insurance? Yes / No
- Is it tied to their employer? Yes / No
- Do they have coverage outside of work? Yes / No
Health Insurance
- Do you have health insurance? Yes / No
- Do your children or grandchildren have health insurance? Yes / No
Long-Term Care Insurance
- Do you have long-term care insurance? Yes / No
- Do your parents have long-term care insurance? Yes / No
- Do you have dependents who may need long-term care coverage? Yes / No
Disability Insurance
- Does your employer provide disability insurance? Yes / No
- Who pays the premiums? I pay / They pay
- If self-employed, do you have disability insurance? Yes / No
- Does it cover business expenses? Yes / No
Liability Risks
- Do you have children or grandchildren driving vehicles registered in your name? Yes / No
- Are they covered under your insurance policy? Yes / No
- Do you have umbrella liability insurance? Yes / No
- Coverage amount: $____________
Property & Vehicles
- Do you own recreational vehicles (boats, ATVs, RVs, etc.)? Yes / No
- Do you allow others to use them? Yes / No
- Do you own rental properties? Yes / No
- How are the deeds titled? _______________________
- Are they owned personally or in a protective entity? _______________________
Asset Titling
- If someone was injured in your car, do you know what assets could be used for a judgment?
- Business/Investment account? Yes / No
- Property? Yes / No
- Have you reviewed asset titling for judgment protection? Yes / No
Estate & Retirement Planning
- Do you have estate planning documents (Wills, Trusts, POA, Medical Directives)? Yes / No
- When were they last reviewed by an attorney? ____________
- Do you have well-defined financial and retirement goals? Yes / No
- Do recent events prompt updates to your estate plan? Yes / No
