Where will the money come from?
You've worked hard to get where you are. Now it's time to protect what you've built for yourself and for the people who depend on you. Will your current assets be sufficient to cover any unforeseen contingencies?
Even substantial assets can be wiped out quickly.
- A medical emergency results in premature death, leaving your family without adequate income.
- A long-term illness quickly drains a lifetime of savings.
- An injury or accident makes returning to work impossible.
No one likes to think about dying too soon, suffering a long-term illness or becoming disabled. However, if you haven't planned for these possibilities, you and the people who depend on you could find themselves in a disastrous financial situation.
- If your income suddenly stopped, how long could your family go on meeting its monthly obligations? What would happen after that?
- If you died leaving expensive, unpaid medical bills, where would the money come from to pay for them? Would your family have to sell off assets?
Two of the most effective and affordable ways to address these concerns are life insurance and disability insurance.
- Life insurance can provide an income tax-free, lump sum payment that can be used to settle debts, or be invested to provide a monthly income stream for your family.
- Disability insurance provides a monthly income to make up for lost wages should an accident, sickness or injury prevent you from working at your regular occupation. Benefits are generally received tax free.
Do you own personal life insurance?
- How much?
- How did you arrive at this amount?
- Are your premiums level or do they increase?
- Does your policy build cash value that can be used for lifetime needs?
Do you own disability insurance?
- How much does it pay per month?
- How long does the benefit last?
- When do benefits become payable?
- Do you know how your policy defines "disability"?