You love your family and you would do anything for them. One of the ways you must protect them is through life insurance coverage. If you are the primary breadwinner, what would happen to your family finances should something happen to you? Your finances would go down the drain, which is a tragic circumstance when you consider this can be avoided with proper planning.
Life-Changing Events
Most life insurance policies cover you in the event of your untimely death, but you can also protect the family finances by securing additional protection should you be unable to continue to work. For example, if you are injured or become ill or disabled, you may lose your capacity to work temporarily or permanently. Even if you’re injured on the job, workers’ compensation may not cover your full salary, which you will not be earning during your recovery. In fact, most workers’ compensation carriers will fight to cover anything at all.
This, naturally, affects your family’s budget in a significant way, as the bills that you pay normally begin to pile up. Not having adequate coverage beyond your standard life insurance is a mistake many people make. You want to ensure that your salary will keep coming through the door, even if you are unable to earn it. Protecting your family’s finances includes securing temporary or permanent disability protection alongside life protection. That way, you know you have money coming in, no matter what, even if you are diagnosed with cancer or another terminal illness.
Understanding the Different Policies
A duck featured in some very popular commercials would have you believe that one carrier is all you need, and this may be the case, but you shouldn’t take its quacks as the “gospel truth.†If you are assessing your insurance needs to protect your family budget and your loved ones, it’s best to work with a local insurance agency, as you enlist someone with expertise in this field. Nothing should be spared when it comes to protecting those you love, but you shouldn’t pay for coverage you don’t need either. An agent knows better what you need and what you don’t need.
When you sit down with your insurance agent, he or she will go over the size of your family, your possessions, the amount of money you must bring home each month, and any additional securities you’d like in place should you become unable to work or worse. Once you have this information in order, the agent can work with carriers to bring you the best coverage at the most affordable price. The security you now have will be worth any monthly, quarterly, or annual expense in the end, as you will have peach of mind you didn’t possess before.
Hopefully, you will never need to use your disability or life insurance policies, but there is no way you can protect your family or your family’s finances fully without them. Work with a professional to determine the best coverage for your current situation, and then make an investment in your family’s lives by protecting yours. Should something happen to you, they will be all right, which is worth all the money in the world.
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