Today, most families rely upon two incomes to maintain their lifestyle. The house we buy, the vacations we take, and our ability to participate in extracurricular activities all depend upon what fits into our budget. So, what would happen if we were to unexpectedly lose our job or pass away? Would our family be able to make the house payment or pay other bills?
The key to protecting our families from the unexpected is to have a plan. Just like we have insurance to protect our home from a fire or our car from an accident, insurance can also be used to protect our families from a financial disaster as a result of a death or disability.
It is important that each time we experience a major life event such as a marriage, birth, divorce, or death of someone close to us, that we evaluate whether our current financial plan still fits our needs or whether it should be altered. A financial advisor can provide direction on insurance options as well as how much insurance we need to have to effectively protect our family.
- How much have we saved for the unexpected?
- Could our expenses be handled by one income?
- Do we have enough life insurance?
- Do we have credit life insurance or disability insurance with our mortgage?
- Do we have a will or trust in place?