services we provide
Risk Management
What is Risk?
Portfolio Volatility vs risk
To achieve this, we gather information about your hopes, goals, and dreams, which allows us to assess the potential risks to your financial plan. We then review the existing plans you have in place to ensure you’re adequately protected, identifying any gaps that may exist.
Finally, we leverage our expertise and tools to create a tailored plan to cover those gaps. Below is a list of some common tools we utilize to address these risks:
Disability Insurance
Disability insurance offers crucial income protection for when you are unable to work due to an accident or illness. According to the Council for Disability Awareness, approximately 1 in 4 of today’s 20-year-olds will experience a disability before they retire. Furthermore, research indicates that 33% of American workers will suffer a short term disability that prevents them from working for at least 90 days at some point in their careers.
The average disability claim lasts for about 13 months, highlighting the significant financial implications of being unable to work. Astonishingly, mortgage foreclosures occur 16 times more often due to disability than due to death. Yet, only about 40% of the workforce has some form of disability coverage.
What will you do if you are one of the three Americans who suddenly cannot work due to an accident or unexpected illness? How will your mortgage get paid? How will you manage your day-to-day expenses?
As part of our risk management services, we review your existing policies to ensure that you are adequately protected against these potential risks.
References
- Council for Disability Awareness. (2023). “Disability Statistics.” Council for Disability Awareness
- National Endowment for Financial Education. (2023). “Disability and Financial Planning.”
Long Term Care Insurance
According to the Urban Institute and the U.S. Department of Health and Human Services, over 50% of Americans will require long-term care by the age of 65. The financial implications of this care are staggering, averaging around $140,000 per year if paid out-of-pocket. Traditional health insurance typically does not cover long-term care expenses, leaving many individuals vulnerable to significant financial strain.
While most people will need long-term care for less than two years, approximately 14% will require care for more than five years. This extended need can have devastating effects on one’s life savings. Long-term care insurance serves as a vital safeguard against this risk, covering expenses related to long-term care needs and helping to protect your financial future.
At Knight Wealth Advisors, our team is dedicated to working closely with you to determine which long-term care insurance policy best fits your unique circumstances. With many policy options available, we understand that not every policy is suitable for every individual. We take the time to evaluate your specific situation and goals, ensuring that you choose the right coverage to meet your needs.
References
- Urban Institute. (2023). “The Future of Long-Term Care in America.” Urban Institute
- U.S. Department of Health and Human Services. (2023). “Long-Term Care Insurance: A Comprehensive Overview.” HHS.gov
Life Insurance
Discussing life insurance can be challenging, but for those with dependents, it is an essential conversation. Life insurance serves multiple purposes within your financial plan, including:
- Income Replacement:
It can replace your income if you pass away unexpectedly, helping to cover daily household expenses and outstanding debts such as mortgages, credit cards, and auto loans. - Legacy Provision:
It can provide a legacy for your loved ones, ensuring future college expenses for grandchildren or other significant financial needs. - Tax-Advantaged Income:
Life insurance can also serve as a source of tax advantaged retirement income.
Recent data from the LIMRA (Life Insurance Marketing and Research Association) indicates that about 54% of American adults own life insurance. However, approximately 41% of those individuals have only group coverage, which is often inadequate to meet their family’s needs.
What constitutes “enough” life insurance varies based on your specific financial needs and circumstances. At Knight Wealth Advisors, our team is dedicated to working closely with you to develop a life insurance plan tailored to your family’s unique needs. We will assess your current financial situation and any existing policies to ensure you have adequate coverage that aligns with your goals.
References
- LIMRA. (2023). “2023 Insurance Barometer Study.” LIMRA
Our Mission is Clear
At Knight Wealth Advisors, our mission is to ensure that you receive the best possible coverage tailored to your unique needs. If, after reviewing your personal situation, we find that we can provide you with better coverage, we will present our plan to you. If your current coverage meets your needs and is provided by a reputable carrier at a competitive price, we will advise you to maintain that coverage.
We offer all insurance review services at no cost to you, and we are committed to providing solutions that are genuinely in the best interest of the families we serve. Your trust is paramount, and our goal is to empower you with the knowledge and options that best protect your financial future.
Services We Provide
Stages of Financial Planning
84 Plantation Dr.
Paducah, KY 42001
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Monday - Friday
8:00AM - 4:00PM
Securities offered through Raymond James Financial Services, Incl, Member FINRA/SIPC. Investment advisory services offered through Raymond James Financial Services Advisors, Inc. Knight Wealth Advisors is not a registered broker/dealer and is independent of Raymond James Financial Services
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