Insurance is often an area of financial planning that is overlooked and over-sold. The loss of a loved one certainly has an emotional impact on friends and family. The financial impact can be just as devastating. If your family lost you, would they be able to continue living the lifestyle that you would like them to? There are cost effective and efficient options that can be used to replace income and provide your family with the desired long-term financial stability. Proper insurance planning can help families avoid financial devastation, to allow efficient estate liquidation, and business continuation.
The loss of income due to disability can have a dramatic effect on a family’s financial stability. Many employers offer disability insurance policies which can reduce your risks. You should understand the limitations of those policies as the benefit could fall short of your needs. If you do not have appropriate coverage, you owe it to yourself and your family to understand this critical program.
Business owners can mitigate their risks by taking out “Key Man” policies if they have employees that are deemed critical to the long term viability of the business.
Disability is one of the leading causes of home foreclosures.