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We all want financial safety and security for our families and ourselves, but taking the necessary steps to get to that place is easier said than done. Make the choice to work towards and accomplish this goal. Here are four important steps to improve the financial security of your family:
1. Make sure you have life insurance and enough of it. Do you question if you actually need life insurance? If so, ask yourself this: Would your loved ones suffer financially if something happened to you? If the answer is yes, then you need life insurance!
Then you must decide how much? There are a number of factors that go into calculating how much life insurance you might need. Use this online Life Insurance Needs Calculator to get an idea of the amount you need. If you already have life insurance, use this calculator to make sure you have enough!
2. Review your life insurance beneficiaries. Would you like your ex-spouse to benefit from your life insurance if something were to happen to you because you didn’t change the beneficiary on your policy? Do you want the money to get tied up in court because you named your minor children as the beneficiaries? These are missteps that happen more than you think.
A life insurance agent or advisor can help determine the correct beneficiaries, and it won’t cost you anything to talk to them about it. Also, it’s a lot less hassle to have someone who knows what they’re doing help you out, and isn’t that what we’re trying to achieve here—getting it done?
3. Don’t skip disability insurance. Many people aren’t really familiar with disability insurance. It replaces a portion of your income if you’re unable to work due to a disabling illness or injury. Why is it important? How long could you pay your rent or mortgage and all your monthly bills if your paycheck suddenly disappeared?
If you don’t have disability insurance coverage, buying your own disability insurance policy is worth considering. Unlike group coverage, privately owned insurance stays with you even when you change jobs.
4. Automate your emergency fund. Everyone runs into unexpected events that are costly—a major car repair, a water leak in the house, a job loss….the list, can seem endless. To give yourself peace of mind and a bit of cushion, set aside a certain amount each month—it could be $50 or $500, depending on your financial situation. Have this money automatically deposited into your savings account. Without even thinking, you have money saved!
To get started working towards your financial goals, speak to an expert about life and disability insurance. LG Insurance Agency is your local Jersey Shore insurance agent. We work hard for our customers to help them find financial security. Contact us today to learn more about your insurance needs and for a free quote.
All content provided in this blog is for informational purposes only. Topics discussed on this blog relate to insurance products and issues in a general application, and are not an offer of insurance, a guarantee of coverage, or applicable to specific and individual circumstances. Contact LG Insurance Agency for questions and information specific to your insurance needs.
