The start of a new year is a great time to make changes. One aspect to consider changing may include some elements of family risk management & insurance. Most families have not considered how future events could impact the financial well-being of their family. Unforeseen events can arise that can cause financial stress on a household – what can you do about this unknown?
Three elements to consider reviewing for 2020 include:
Look at coverage limits on the insurance policies you already purchase.
You spend a lot of money already for insurance but are the limits of coverage you buy today actually going to protect you in the event of a loss. Using auto insurance as an example, the state minimum limits are probably not enough to protect
you if, for example, you cause damage to another person’s new car or truck – the rest of the loss amount will come from you!
Can you afford to pay $10,000 or $20,000 or more for uncovered losses? Buying higher limits is actually cheaper than you think – and is probably a good idea to consider.
Look at buying more Life Insurance.
If you are like most Americans, you likely do not have enough in savings and insurance to ensure your family is well taken care of in the event something happened to you. Most people think Life Insurance is more expensive than it actually is.
Plus, Life Insurance is less expensive if you buy it when you are young and healthy. Waiting to buy coverage later may make coverage more expensive or unobtainable, plus far too many people never purchase life insurance at all.
Look at diversified retirement savings and funding.
Today most families do not have the benefit of a pension plan. Social Security may not be there when retirement age arrives, and it will arrive faster than you think! Having multiple sources of retirement income can ensure you can enjoy your retirement years. Consider adding low risk alternatives such as Annuities or Single Premium Whole Life alternatives as a component of your retirement savings plan.
Planting a seed today can result in an abundance of protection later. It will never be easier than today to start managing the risks you already face planning for the future. We can help!