Insurance products and services are offered through LaTour Advisory Group, Inc., an affiliated company.
Most people think of insurance as something you “have to have”—a line item to check off, like car registration or property taxes. But in a well-constructed financial plan, insurance can be a key necessity. It’s a foundational tool for protecting the assets you’ve worked hard to build, supporting your long-term goals, and keeping your strategy resilient when life takes an unexpected turn.
At LaTour Asset Management of Springfield, we see firsthand how insurance can either quietly reinforce a retirement plan or become a costly blind spot when left unexamined. Here’s how to make sure it does the former.
Protection Working in the Background
A solid financial plan often includes growth-focused strategies—retirement accounts, real estate, taxable investments—but insurance plays a different role. It’s about insulation, not acceleration.
For example, income protection through long-term disability insurance helps ensure you can continue to fund your plan if an illness or injury interrupts your career. Liability coverage protects against lawsuits or accidents that could otherwise erode your savings. And umbrella policies can provide an additional layer of defense that picks up where other coverages end. This is particularly important in Springfield, where local business owners, physicians, and property owners often find themselves managing elevated liability exposure.
Life Insurance: More Than a Death Benefit
While life insurance is often associated with covering burial costs or replacing income, its real value in financial planning can lie in its versatility. A well-structured policy can provide liquidity to pay estate taxes, equalize inheritances among heirs, or fund charitable gifts. It can also help preserve business continuity or buy out partners in the event of a founder’s passing.
Some policies offer a growing cash value component that can be tapped in later years—useful during market downturns or if traditional retirement assets are temporarily inaccessible. In the right circumstances, this can act as a buffer during periods of volatility, offering stable funds when other sources are underperforming.
Long-Term Care: Often Overlooked, Deeply Impactful
Few financial setbacks derail a retirement plan faster than the need for extended care. While Medicare provides limited coverage, many families are surprised to learn that long-term care costs often fall directly on them.
Planning for these expenses in advance—through a standalone policy or hybrid solution—can help protect your retirement savings and spare loved ones from difficult decisions later.
If you live in Springfield or nearby, you may already be seeing peers or family members navigate this challenge. Having a plan in place now helps ensure you won’t be caught off guard later.
Insurance Can Be a Tool, Not a Product
It’s important to remember that insurance is not a standalone product—it’s a strategic tool. Its role in your plan should be constantly evaluated and coordinated with other components like taxes, estate planning, and asset allocation. A financial advisor can help compare structures and make sure the policies you carry reflect your current goals.
At LaTour Asset Management of Springfield, we take that responsibility seriously. If you’re not sure how insurance fits into your plan or suspect it hasn’t kept pace with the rest of your financial life, let’s talk. Call us today at (877) 888-5724.
Insurance products and services are offered through LaTour Advisory Group, Inc., an affiliated company.
