Tag: austin

Texas Life Insurance Case Study

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Single and Working (One Income)

John is an independent massage therapist in Texas, unmarried and living alone, and makes around $66,000 a year. His yearly expenses without rent are around 30,000 while he pays 21,000 in house rent. He charges his customers per hour of his service; therefore, he is capable of saving a little for himself. John got himself into an accident, which made him unable to do his job. He now has to pay for his medical expenses and the physiotherapy sessions for the entire year to get back. His savings would not be enough to cover all the expenses, which will eventually lead to debt. He could have avoided this situation if he had an individual insurance plan, which costs around $600 on average. Texas Income Protection plan can also provide him with both short and long-term protection on his income while he is under medical care.

Married with no Children (Two Incomes)

Sebastian and Sarah are married and both of them work in sales. Their yearly income is around $83,500 each, which leaves them with enough savings for the year that they are planning to use on purchasing two cars. However, Sebastian has been diagnosed with cancer, which comes with expenses of chemotherapy and drugs. In such difficult times, Sebastian and Sarah could have overcome the challenges if they had adopted the income protection plan, which would have enabled them to secure a percentage of their salary under disability coverage. Similarly, an individual or group insurance would also have benefited them with their expenses so that they could use their savings for the much-needed car.

Married with Children (One Income)

George and Rose have been married for 10 years and have two children. George is a surgeon with a yearly salary of $400,000. Rose is a homemaker and one of their children goes to school. They can easily afford the yearly expenses including house rent, bills, school fees, etc. However, in an unfortunate accident, George dies leaving his family behind with no source of income. Rose now has to pay the rent of their apartment along with other expenses. This situation could have been avoided if George had undertaken Texas life insurance for physicians and income protection insurance. 

Married with Adult Children (Close to Retirement)

Hudson and Linda are both approaching retirement and both of their children have moved out and had families of their own. However, their son Liam has encountered a deadly accident that has made him disable for life. Liam with his family has moved back to Hudson and Linda’s house, as he is unable to pay rent and utilities. Linda and Hudson now have to provide financial support to their son’s family by working overtime. This situation could be avoided if they provide necessary funds for Liam to undertake disability income insurance (Texas Income Protection Plan) and life insurance to cover his family expenses and house rent.

Financial Advisor in Austin

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A financial advisor Austin provides clients with financial advice or compensation advice. Financial advisors or consultants can provide many different services such as investment management, tax planning, insurance and estate planning. Unlike stockbrokers, who simply execute orders in the marketplace, financial advisors make informed decisions on behalf of clients and provide guidance. Increasingly, financial advisors provide a wide range of services from portfolio management to insurance products in a one-stop-shop.

A wide range of licenses are available for the services provided by a financial advisor. They must carry Series 65 licensed to do business with the public; 

The many roles of a financial advisor

The financial advisor is your financial planning partner. Suppose you want to take retirement in 20 years or send your child to a private university in 10 years. To achieve your goals, you may need a qualified technician with the necessary licenses to help bring these plans to life; this is where a financial advisor comes in.

Together, you and your advisor will discuss a variety of topics, including the amount of money you should save, the types of bills you need, the types of insurance you should have (including long term care, life sentence, disability, etc.), and property and tax planning.

The financial consultant is also an educator. Part of the counselor’s job is to help you understand what is needed to achieve your future goals. The training process may include detailed financial assistance. At the beginning of your relationship, these topics may include budgeting and savings. As you delve deeper into your knowledge, a consultant will help you navigate complex investment, insurance and tax issues.

The first step in the financial counseling process is understanding your financial health. You cannot properly plan for the future without knowing where you are today. Usually, you are asked to complete a detailed, written questionnaire. Your answers will help the counselor understand your situation and make sure you are not overlooking important information.

Finding the best financial advisor in Austin

Finding the best financial advisor in Austin means choosing between thousands of options. Whether you are searching for assistance with retirement, wealth management, tax planning, or a combination of services, you will find many businesses offering the skills and knowledge you need right in Austin.

What to look while finding a financial advisor Austin?

  • Not all financial advisors are of the same skill level or offer you the same range of services. Therefore, when contracting with a consultant, do your own due diligence first and make sure the consultant can meet your financial planning needs.
  • Also, check out their certifications, make sure you understand, agree with their payment structure, and afford it.
  • Check their regulatory history with your state regulatory agency, BrokerCheck FINRA, and the SEC’s Public Disclosure Investment Database.

Finally, remember that finding the counselor that’s right for you is key to developing a successful, long-term relationship. A consultant can have all the experience, credentials and success stories in the world. However, if you don’t like someone, you won’t like working with them. And, perhaps, your financial plan will suffer as a result.