If your like most people you probably don’t think about your home’s foundation too often, that is until it cracks. It is at this time, when we least expect it, that a crack in the foundation can have disastrous consequences. Proper insurance planning is the base for any financial plan. Whether it’s life insurance, disability, or long-term care insurance it’s the beginning building blocks of a sound financial strategy.
Just like your home needs a strong, secure base to ensure your family’s safety, your future and your family’s ability to live life to the fullest depend on a healthy financial foundation – and your income is what makes that possible. The ability not only to pay for necessities, such as food, clothing, the home but also future milestones such as college, retirement all depend on the ability to maintain a steady flow of income.
Throughout our lifetime we all face certain events that could result in small cracks in our financial foundation job changes, unexpected expenses or purchases. But 3 BIG RISKS that can shake a family to its core:
Living too long – Although it does not sound like a risk initially, the longer you live the more income you need to sustain yourself potentially putting a strain on your family’s resources making it tough to maintain an income throughout your lifetime.
Dying too soon – Dying Prematurely can leave loved ones with a sudden loss of income and uncertainty as to how to pay off existing debt. Your family’s inability to cover basic needs or save for future goals and expenses may require them to change their plans and dreams.
Getting Sick – No matter how long you live your income is only as secure as your health
Whether you live too long, die too soon or become sick and unable to work, there is no doubt that providing a lasting income for your loved ones is crucial to their future. If you were no longer alive and unable to provide an income, how much would your family need to cover the mortgage or rent, pay for essentials such as food and clothing, and cover their future dreams, like going to college or travelling?
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