Archive · July 21, 2022

The Valuable Role of Insurance

Unexpected financial and health risks are part of life. Often, the effects can be devastating, especially if you're not prepared.

That's why an in-depth insurance discussion and coverage evaluation are essential steps in the financial planning process. Coordinated with your financial plan, insurance can ensure your objectives are fulfilled as you intended—even when the unexpected occurs.


There are two ways to help ensure you have the right coverage.

Needs analysis: What are your insurance needs today?

If you don't have a full understanding of how much insurance you need, you should consult your wealth planner. They'll use industry-leading planning tools to help see your financial goals in a new way. Based on your input, they can:

  • Help you prioritize financial goals as needs, wants and wishes
  • Give you a new perspective on your current insurance protection
  • Identify possible coverage gaps
  • Account for both personal and group/work plans

Following the planning conversation, your planner can tailor a program to fit your current coverage needs and provide opportunities for savings. Specific coverage areas discussed include:

  • Replacing lost income
  • Paying off potential debt
  • Providing for future educational expenses
  • Covering funeral costs
  • Planning for when your health changes
  • Legacy planning

Efficiency review: Is your current coverage the most efficient for your needs?

Given the industry environment, insurance rates have remained flat and may increase. An insurance review evaluates whether you're getting the most for your money with your current policies, including:

  • Individually owned life insurance
  • Group life insurance through work
  • Long-term care coverage you own
  • Personal disability income protection
  • Group disability insurance

When was the last time you reviewed your current policy? For many people, it was when they bought it. Since then, your lifestyle, expectations and goals may have changed. Insurance products have evolved as well, offering a wider variety of benefits and more coverage for lower premiums for many individuals. This is why it's important to review coverage from time to time. An efficiency review of your current coverage provides the following benefits:

  • Evaluation of original versus current goals
  • Comparison of what you have to what you need
  • Discussion of possible changes to address coverage shortfalls
  • Summary of underwriting improvements in the market
  • Performance analysis of current policies based on their original illustrations
  • Carrier assessments to determine whether you're with the right insurer based on your needs
  • Review of new products that may enhance your coverage

An insurance discussion can help you expect the unexpected. Ask your wealth consultant or planner for more information on how to get started.

The Combined Custodial, Investment and Retirement Plan Services Survey was conducted by the independent firm of CCRG Marketing Insights between May 6, 2019 and July 15, 2019.

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This material is for informational purposes only and is not intended to be an offer, specific investment strategy, recommendation or solicitation to purchase or sell any security or insurance product, and should not be construed as legal, tax or accounting advice. Please consult with your legal or tax advisor regarding the particular facts and circumstances of your situation prior to making any financial decision. While we believe that the information presented is from reliable sources, we do not represent, warrant or guarantee that it is accurate or complete.

Third parties mentioned are not affiliated with First-Citizens Bank & Trust Company.

Insurance products are not insured by the FDIC or any federal government agency and are not a deposit or other obligation of, or guaranteed by, any bank or bank affiliate.

Insurance products offered in California are offered by First Citizens Investor Services, Inc., d.b.a. FCIS Insurance Solutions, Agency #6001908.

Your investments in securities and insurance products and services are not insured by the FDIC or any other federal government agency and may lose value.  They are not deposits or other obligations of, or guaranteed by any bank or bank affiliate and are subject to investment risks, including possible loss of the principal amounts invested. There is no guarantee that a strategy will achieve its objective.

About the Entities, Brands and Services Offered: First Citizens Wealth™ (FCW) is a marketing brand of First Citizens BancShares, Inc., a bank holding company. The following affiliates of First Citizens BancShares are the entities through which FCW products are offered. Brokerage products and services are offered through First Citizens Investor Services, Inc. ("FCIS"), a registered broker-dealer, Member FINRA and SIPC. Advisory services are offered through FCIS, First Citizens Asset Management, Inc. and SVB Wealth LLC, all SEC registered investment advisors. Certain brokerage and advisory products and services may not be available from all investment professionals, in all jurisdictions or to all investors. Insurance products and services are offered through FCIS, a licensed insurance agency. Banking, lending, trust products and services, and certain insurance products and services are offered by First-Citizens Bank & Trust Company, Member FDIC, and an Equal Housing Lender, and SVB, a division of First-Citizens Bank & Trust Company. icon: sys-ehl

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FirstCitizens.com/Wealth/Disclosures

SVB.com/Private-Bank/Disclosures/Form-ADV

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