Life can change in the blink of an eye. You have worked hard to maintain a sound financial profile for you and your family, which is why the assets you have so carefully cultivated should be protected. Insurance exists to cover your expenses when things go wrong: unexpected health issues, untimely deaths, and costly damages.
Insurance needs can change based on new life experiences like starting a family or opening a business. Checking in on your insurance policies should be part of your financial planning routine. Take a look to see if you are up to date on your coverage and how you can better protect yourself and your family in the future.
Health Insurance
Health insurance is arguably one of the most crucial types of insurance to have. Medical expenses are quite expensive and without insurance, many people are unable to receive the care they need or find themselves in debt to hospitals.
Your health is what allows you to live your life. Without it you may be unable to work which could affect your family. Look over your health insurance plan and see what type of procedures are covered.
Many employers offer a range of health care options from high deductible plans to low deductible plans. The high deductible plans often come with the ability to contribute to a health savings account which could help you save for larger planned medical expenses. Employers also provide health care coverage for your spouse and dependents. You can also explore Medi-Share or Co-Op programs – but keep in mind that they aren’t traditional healthcare programs. That being said, sometimes the costs are lower, so they may be worth investigating. Take a look at the options you have to determine which will work best for your family.
Life Insurance
Peyton Manning would be proud if you gifted a life insurance policy to your loved ones this year. Sensible and practical, new families can benefit the most from this policy. If you are married with dependents, having an adequate life insurance policy can make a huge difference in the scope of your family’s finances. This policy can help make up for lost income, assuage lingering debts, and contribute to future expenses like education.
If you do not have life insurance, start by looking through your employer. Most offer basic plans and the option to add additional coverage at affordable rates. If you don’t like your employer’s option, I’m sure Brad Paisley can play you some different options. A whole host of companies offer life insurance policies, so shop around to find which one will be best for you and your family.
Look over the terms of your policy and the amount of money that is guaranteed. With a new family, your expenses will increase and you should make provisions for your family in case of an emergency. Establishing a life insurance policy when you are younger is a good idea because your rates will tend to be lower due to your age and health status.
Long-Term Disability Insurance
If you undergo an injury and are unable to work, long-term disability insurance will cover a portion of your salary for 6 months up to 2 years. This insurance does not cover accidents that occurred at work, but it would cover you from a car accident or bad fall.
The US Census Bureau estimates that an employee has a 1 in 5 chance of becoming disabled. Long-term disability insurance can help mitigate the disastrous effects that an injury can have on a person and their family.
Many employers offer the option of long-term disability insurance to their employees. Each company differs in its coverage and cost to the employee so be sure to look at your company’s policy to ensure it fits your needs. Carefully assess your health history and your family history to determine the amount of coverage that will be right for you.
Additional Insurance Options
As you continue into different stages of your life, your insurance needs will change. The 3 primary types of insurance options listed above are imperative for new families but some other types to consider are:
- Property insurance (house, business, land)
- Auto insurance (if you have a vehicle)
- Umbrella insurance
- Liability insurance (to protect you if you damaged someone else’s property)
- Long-term care insurance (elderly assistance)
There are many types of insurance and plans to cover the health and safety of your family.
The Heart of the Home
Your family is the heart of your home. Protecting them and ensuring their well-being in case of an emergency is a wonderful act of love. New families should take a look at the insurance policies they currently have to see if any updates or changes should be made to accommodate their growing family.
When assessing insurance options use these questions as a guide:
- What is our family health history?
- What lifestyle do we want to maintain?
- What future expenses should be considered?
These questions will help you determine the amount of money you will need from your insurance policy to keep your family protected. If you need any guidance on your specific situation, give us a call!