Only Own Life Insurance to Replace Income for Those Dependent on You
Life insurance is used to pay for things you would pay for yourself if you were alive to do it. Therefore, we only want to buy insurance to replace actual income you expect to earn during your lifetime.
I know this is not a happy topic and is something that you probably don’t want to think about much. The good news is you don’t really have to.
How to Protect Against a Loss of Income for a Single Income Family
It’s not uncommon for families to have one individual provide the majority if not all the income for the lifestyle expenses of the family. Obviously, this poses an inherent risk in the case that the individual who is the primary breadwinner is relied upon to provide the income to support the family. What if that income stream were to stop? Whether that be due to getting laid off, sickness or disability, or in the worst of cases death, the family should be protected. Failing to protect your family in one of these unfortunate cases can only amplify the stress of the situation. This article will discuss the various strategies that can be used to protect against a loss of income as a single income family.
Protect Your Human Capital With Disability Insurance
For most of us, the largest asset is the ability to generate income in the future, what economists call human capital. We often make decisions as if that future income is a given, thinking we’ll earn as much or more in the future. What about the possibility that we may lose the ability to generate income, even temporarily? How often do we think about disability? Not very often, as it turns out.
Get All Your Property and Casualty Insurance from One Carrier
I know what you’re thinking. Property and Casualty Insurance is boring! Well, sure, if it’s done right it’s supposed to be boring.
Think about a time where you might have excitement in your life, and it involves insurance. What’s going on probably isn’t all too positive!
Get Liability Protection on Your Entire Net Worth
Liability protection covers you in case of lawsuit. We live in a lawsuit-happy country. Anyone can sue anyone for anything. It is up to the defendant to put forward the case that they did nothing wrong.
There are obvious reasons for lawsuits such as personal injury or breach of contract but there are many reasons people get sued.
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