How Does Life Insurance Fit Into My Financial Plan ?
You have a financial plan to account for your money and to estimate future needs. Life Insurance protects you against losing your money in case of an unfortunate occurrence such as an accident, illness, or death. No one plans to be a financial burden on their loved ones and life insurance assures that will not happen.
In addition to protection, insurance can also be used as an investment vehicle, support prevention & safety measures, and even lend money. Most Americans have some sort of insurance protection whether it be a health insurance policy through your employer, disability insurance through Social Security, or personal insurance to protect your home or automobile.
Insurance is still important if you have money saved in retirement plans or a pension. Unfortunately, many people figure that out when it is too late – after a catastrophe has occurred. Having insurance now may feel like you’re paying for something you will never use but eventually the day will come when you realize that you needed it.
All insurance works in a similar fashion. You pay your auto insurance month after month, year after year, and never have an accident. One day, unexpectedly, some one fails to stop behind you and destroys your $30k, $40k, $50k car. Good thing you had paid your policy every year, or you would be out the cost of your vehicle. Similarly, an unexpected death of a spouse or loved one could unfortunately occur and if the person was not insured, it could cost you and your family tens, even hundreds of thousands of dollars.
Although most people do not want to discuss the potential death of a loved one, the reality is that anything can happen. Your financial plan should include saving, investing, and being prepared for unexpected disasters. If life insurance is not part of your financial plan, you are taking a risk with potentially devestating consequences.
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