Insurance is an important part of every financial plan, and helps you to protect all that you accomplish through your hard work and careful investing. Different types of insurance protect you and your family from various threats to your financial stability.
Insurance helps diminish the impact of risks you face every day. Some events can be devastating, and people and businesses use insurance to lessen or transfer the risks they face. By paying premiums, your insurance company takes on and spreads risk among a large number of people, helping to protect them all.
When it comes to life insurance, the benefit paid by your life insurance policy is not for you, it's for those you leave behind. If your family were to lose you, what kind of financial struggles would they be likely to encounter? If you are the family's primary wage-earner, could they continue living comfortably without your income? Life insurance can replace the income you would have continued earning, helping your survivors keep their home and other assets, helping your children go to college, and making sure your spouse and other family members have the financial resources they need.
Disability insurance is intended to replace part of your income should you suffer a debilitating illness or injury, and are unable to continue working as a result. Most disability insurance policies are set up to begin paying you a benefit after some period of time after you accident or illness has occurred – typically 90 days. At that time, you will begin receiving a monthly benefit, as specified in your policy. Coverage is available to protect you against short-term disability, as well as long-term disability.
For those of you who are business owners, business insurance is important coverage to consider. Both nonprofit and for-profit businesses need particular types of insurance. Liability insurance is highly recommended for property and automobiles. Worker's Compensation Insurance is required when you have employees.
The types of insurance you need depend on the nature of the business. For those with significant assets, consider theft and property damage insurance. You may want life insurance coverage for you and other critical people in your organization. You may want to consider other less-common forms of insurance, such as Directors and Officers (if you have a Board of Directors) or business interruption coverage.
We can help you create a coverage plan to protect your firm and control costs.
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