Has the thought of something tragic happening to you ever cross your mind?
It happens to all of us, especially to those who have children or loved
ones who need their care. However, investing in their financial stability
in case a catastrophic event occurs is the least you can do to ensure
that they don’t have deal with the significant repercussions on
The following are steps you can take to protect your family financially:
Make sure you have
life insurance. If your loved ones would suffer financially if something devastating happened
to you, you need life insurance. When considering how much you may need,
there a specific factors that need to be calculated, such as how much
will be needed at death to meet immediate obligations and how much future
income is needed to sustain the household.
Review the beneficiaries of your life insurance. If your ex-spouse is still listed as a beneficiary in your life insurance
or if you listed your minor children as beneficiaries and are afraid they
won’t be able to get their entitled compensation, have a professional
life insurance specialist or advisor offer the assistance necessary to
your money goes into the right hands.
disability insurance. In the event of a tragic accident which causes a debilitating injury or
illness, having disability insurance replaces a portion of your income
if it is determined that you are unable to work because of injury or illness.
Your employer may offer this type of insurance through a group plan. If
that’s not the case, contact your HR department or benefits manager
to learn about the coverage you have and other options. If your work can’t
offer you disability insurance, seriously consider buying your own, since
it will stay with you in case you change jobs.
Establish an emergency fund. Unexpected events, such as a job loss, property damage or car repairs,
can be quite expensive. In order to give yourself the comfort of knowing
you can afford these surprises, set aside a specific amount each month
and have it automatically deposited to your savings account.
For more information,
contact Insurance Specialists, Inc. today!