While people who have achieved a high level of income can rest assured that their basic needs (and more) are well covered, great wealth also brings with it other concerns that must be addressed. One of the concerns of the wealthy (besides concerns about the volatility of the stock market) is whether or not they have the right level of insurance to protect their property. For individuals in Arizona, those concerns go to the specifics of the kind of insurance that can be obtained. For high net worth individuals looking for insurance in AZ, there are several issues that must be entertained.
Types of Insurance Available for Wealthier Clients
Arizona has a high number of citizens who have a higher net worth. Many individuals with high net worth and property holdings choose Arizona as a place to retire, as the state has a welcoming feel for these types of people. What this means for insurers in Arizona, however, is that their client’s needs should be addressed, as far as asset management goes.
High net worth individuals looking for insurance in AZ should consider having a financial planner review their life insurance policy, to ensure that it meets all of their family’s current needs. As life and ones net worth change, it’s important to assess a policy so that it can be counted on to protect one’s family, one’s lifestyle and one’s assets. A solid policy can also help to offset payments on estate taxes, which may be a serious issue for high net worth individuals looking for insurance in AZ. An individualized approach to putting together the right coverage for a wealthy family is the best bet, and this can only be done with guidance from an insurance agent who specializes in financial management.
Priorities to Consider for Higher Wealth Individuals
Many wealthy individuals in Arizona and elsewhere are putting more and more of their money into tangible assets, like jewelry, art and collectible pieces, as these items can hold their value even as the financial markets become volatile. The issue in having wealth in these kinds of assets, however, is that they must be documented and protected with the right types of insurance in order for the owner to capitalize on their value.
For high net worth individuals looking for insurance in AZ, again, finding an insurer with experience in wealth management and in protecting tangible assets is a smart idea. A good insurer will know that in order to protect a tangible asset, its value and authenticity must be documented by a reputable appraiser. These assets must be appraised on an ongoing basis, too, as markets change. This type of documentation will also protect a wealthy owner from fraud and from unforeseen taxes as pieces are handed down through generations.
Having great wealth in Arizona does bring with it certain responsibilities. What really matters, ultimately, is that high net worth individuals looking for insurance in AZ take the time to do solid research and find the right insurance experts to guide them into plans that will protect their assets for themselves and for their families.
Professional Insurance Strategies, LLC
6708 W. Bethany Home Rd
Glendale, AZ 85301