If your like most of my clients then it's that time of year again. The summer is over and the kids are back in school. This also means that another year is quickly passing us by. It is a time when we reflect on where we have been and where our future may take us.
This is why many of us start to concentrate on our financial responsibilities to our loved ones. It is the time frame where most Americans will be reviewing their life iinsurance and other investments to ensure that their families are secure if something were to seriously change our ability to support our families. We are referring to a loss of income due to medical reasons or death. It is also wise to have a will in place so that you can control and direct the assetts and care of your children. A will allows the executor to follow through on your wishes and reduces the potential for heirs to fight over those assetts. The executor speaks for the deceased when the deceased can no longer speak for themselves. You maintain direction and control of all your worldly possessions. It allows you be be clear and precise as to how assetts are distributed and leaves no room for misrepresentation.
Most people don't insure themselves for the most likely scenario, disability. However, it is much more likely an injury will prevent us from fully earning an income to support our loved ones rather than death. Business owners also have left themselves unprepared also. If you are a business owner, you should carry Business Overhead Expense Disability, to cover the expenses of running your establishment in the event of disability.
Depending on benefits and waiting periods we can you can set up a plan that could help ou maintain your current standards. It is the time of year to review your insurance and see how you can fully protect yourself in the event of disability or death.
Life insurance plays a crucial role because it provides tax free income to your beneficiary. This allows you to set up an instant nest egg so your loved ones can also maintain your current lifestyle when you can no longer provide for them. You should consider carrying approximately 10 times your salary as well planning for expenses such as education for the children and so forth.
Your insurance agent, broker or accountant can help you assess and offer solutions as to how much of a benefit you may need to cover your loss of income in either of these events. Call your independent broker today and set up your policy review to ensure your affairs are in order.
If you are interested in a review please call MJF at 866-983-8726. We are licensed in NY,NJ,CT,FL and PA.. We an provide you with a solution that work best for your individual nand unique needs.
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