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Protecting Yourself > Protecting Your Family
Your family means the world to you.
Are you doing enough to protect them?
Throughout Red Portfolio, we’ve talked extensively about the need to save for
your future. But equally as important is the need to protect the people who
matter most today—your family. And we’ll admit issues like
life insurance or a
will aren’t the most pleasant things to think about. But when it comes
to your family’s welfare, you need to be realistic. And if you’re a mom, getting
adequate coverage could be the best gift you ever give your children.
Watch over them for life.
Dependents, whether they’re your kids or other relatives who look to you for
support, need protection. Including the financial kind.
Life insurance isn’t really something you want to think about, but it
can help prevent financial hardship when the insured person dies. And don’t
forget, your insurance needs may be higher during a child’s college years. If
you’re not sure of the needs of your family, it might be helpful to calculate
the services your family might need in the loss of a
stay-at-home parent.
If you already have a policy, either individual or through an employer, make sure
it’s keeping up with your life changes. When you’re ready, there are two major
kinds of
life insurance policies to consider. Please see
www.statefarm.com for details.
To your health!
One of the scariest facts about Americans today is that many of them are living
without adequate health insurance. Health insurance isn’t a luxury, it’s a
necessity. And a non-negotiable one at that. If you work for a company that
doesn’t provide insurance for its employees (and unfortunately, that number is
growing) you need to search out an individual coverage or group coverage plan.
Disability insurance is another area that’s worth looking into. According to the
American Council of Life Insurers, 1 in 3 workers between the ages of 35–65 will
suffer a serious disability.³ So even though you may not want to think about it,
you should stop to think about what your family would do without your income.
Say it with us, “I will make a
will”
Almost two out of three Americans will die without a
will or a living
trust set up to explain how they want their
assets distributed. And in doing so, they’re doing their loved ones a
serious disservice. Stop thinking about yourself and start thinking about others
by sitting down with a professional to draft a
will or a living
trust. Once you do, keep it updated and make sure your loved ones know
where you keep it, like in a safe or strongbox in your home. (See “The need for
estate planning” in “Protecting
Your Financial Future” for more information.)
What about all my things? »