Have you ever thought about how much you have to protect? Between your family, your finances, your independence and your legacy, it can be quite a lot — and that’s why it’s important to have the right protection plan in place.
Let’s look at these areas of need and some possible protection solutions: Protecting your income – An injury or severe illness could prevent you from working for some time. And if that happened, your family’s finances could become strained. To help guard against this possibility, you may want to consider disability insurance. Your employer may offer some type of coverage, but it’s likely to be short term and may not be enough to help close the income gap you might face, so you may want to consider purchasing your own policy.
Protecting your family – If you were no longer around, how would your family’s lifestyle be affected? Could they stay in the same house? Could your children afford college or another type of post-secondary education? If you have adequate life insurance, the answer to these questions can be “yes.” Again, you might get some coverage from your employer, but it may be insufficient, so you may want to explore additional protection through a personal policy. In determining how much coverage you’ll need, you’ll want to weigh several factors: size of mortgage and other debts, number of children, spouse’s income and needs, and the legacy you’d like to leave.
