You may be juggling kids at home or at university, plus the demands of your job. Now that you’ve been in the workforce for quite a while, you don’t have as much of your working life time as you once did to recover from unexpected setbacks. You need to take additional steps to protect what you have.
At this point, the years ahead will most likely to be the most productive and highest earning of your life. However, like many families, you may be using a significant amount of your savings to put your kids through tertiary education just when it’s time to be aggressive in saving for retirement.
What would happen if you died suddenly? Would your children have to drop out of school? Would your spouse or partner be forced to drastically cut back on the family’s lifestyle? And what about retirement plans? Life insurance proceeds can allow them to pay off the mortgage, continue to pay for education, and if invested wisely, provide a stream of income to your spouse or partner for the future. To find out more about life insurance and if you need coverage, contact us today.
Disability insurance is also a must. It will replace a portion of your income if you are unable to work due to a disabling illness or injury. Why is that important? Think about how long you could make ends meet if your income suddenly disappeared. A LIFE Foundation survey found that a majority of those working wouldn’t make it more than a month before serious financial sacrifices would have to be made. Plus, if you were having difficulty meeting everyday expenses, how would you continue to fund your retirement needs?
Many larger companies and some smaller ones offer some disability coverage to employees through a group plan. Buying your own disability insurance policy independently is also option worth considering. Unlike group coverage, privately owned insurance stays with you even when you change jobs. To find out more about disability insurance and if you need coverage, contact us today.
Savings and Investments
Many workers from our parent’s generation could count on a financially secure retirement thanks to a guaranteed lifetime pension from their employers. That’s no longer the case. These days, workers must take responsibility for their own retirement. By this point you should have quite a bit of savings tucked away in a retirement plan. If not, it’s never too late to get going.