Not too long ago we shared the 8 Steps To Becoming More Financially Sound. These are key steps you and your family can take to build a successful foundation for your finances. Today, I want to share with you on how to protect yourself and your family.
Do you know how your family will provide for itself and if something should happen to you? Think about it. Really think. Will your family be able to pay the mortgage, keep the electricity on, and put food on the table if all of a sudden you’re down to one income, or no income?
If your loved ones depend on you for their financial support then life insurance is a must. Life insurance replaces your income if you should die. Disability insurance provides income if you should suffer a disability illness or accident and can no longer work the same or bring in the same amount of income. Having insurance is especially important for parents of young children.
Another reason to have life insurance is to help with any debts that you may leave behind. Let’s face it, majority of people have a mortgage, credit card debt, personal loans, and car loans at one point in our lives. Being prepared with life insurance will help cover every day living expenses, including mortgage payments, car loan payments, and credit card debt.
Having the right type and the right amount of insurance can bring peace of mind.
We all hope nothing ever happens and we never need insurance, but we’ll be so thankful if we have it and need it. If you would like to sit down to look at your situation to make sure you have enough coverage then give us a call at 573-686-3053. We look at the whole picture to make sure you don’t have too much insurance or too little to take care of the ones you love.
To read more on the 8 Steps check out our post on building an emergency fund here: http://bit.ly/1K7mhCx.