Facing our mortality is difficult. Facing the reality and possibility that bad things can happen to good people is also hard. Nevertheless, facing these difficult truths is essential in building a secure financial future for you and your loved ones. The first step is to recognize what financial risks you face and determine whether or not you are prepared to handle those risks.
Successful Protection Planning includes answering several questions:
What happens if you:
- Become ill or injured?
- Are in a car accident?
- Get laid off from work?
- Get old and need care?
- Have home or car burglarized?
- Cannot work for an extended period of time?
- Should die unexpectedly?
- Have Business Partner die unexpectedly?
To minimize unexpected financial burdens, everyone should develop their own individual Protection Planning and confirm they are adequately protected. Risk reduction strategies often involve using various forms of insurance to protect themselves from downside risk. Possible forms of insurance might include:
- Life Insurace
- Disability Insurance
- Critical Illness Insurance
- Individual Health Plans
- Long-Term Care Insurance
- Individual Health Plans