Protecting what matters most
Risk management solutions, such as insurance, can help protect financial dreams for you and your loved ones.
Do you have the right protection in place?
You can start today by reviewing your current financial situation. Decide what matters most to you and your family.
- How might unexpected events impact your family's goals?
- What does family security mean to you?
- Have you determined what you can't afford to lose (property, home, income)?
- How will you provide for dependents?
- What has your approach been to the following kinds of insurance protection: auto, home, personal liability?
Put your plan into action
Your financial plan may include a variety of financial solutions, such as cash management strategies, investments and insurance. It's essential to maintain cash reserves that you can access quickly, without penalties or loss of value. In addition to cash reserves to cover unexpected costs, you might want to consider the following types of insurance:
- Life insurance: Some policies help cover short-term concerns and lifetime policies can better protect your financial plan. Certain products are designed to minimize long-term costs, reduce current income taxes and more.
- Long-term care insurance: According to the U.S. Department of Health and Human Services, about 70% of Americans who reach age 65 will need long-term care at some point in their lives and more than 40% will need care in a nursing home.1 Budgeting for this type of insurance can help you protect your financial future.
- Disability insurance: Without proper protection, a disabling injury or illness puts your family's lifestyle at risk. Different policies have different benefit terms, periods and definitions of disability.
- Auto and home insurance: As your automobile(s) and home values increase or decrease over time, make sure your coverage is current and comprehensive.
Track your progress
Because your needs and goals evolve over time, it's important to build flexibility into your strategy for protecting your family. A financial advisor can help you adjust your tailored plan over time with long-term considerations like:
- Basic survivor protection and coverage
- Asset protection
- Estate protection
Consult with your tax advisor regarding specific issues.
1 Department of Health and Human Services/longtermcare.gov. 2008.
