Having an adequate amount of insurance is not about leaving a large estate for your heirs. Rather, having insurance is about protecting your family in case of unforeseen events and protecting your estate from undue taxes. Protection planning includes reviewing your current financial conditions and goals and identifying possible deficiencies in insurance coverage. Insurance coverage to consider includes, but is not limited to, the following:
Life insurance should ensure that when a death occurs in a family, there is sufficient income and capital to cover the cash-flow needs for the surviving family members over a determined period of time. A major reason for younger adults to have life insurance is to provide financial protection for dependent families.
Disability insurance (sometimes referred to as disability income insurance) pays benefits when someone is unable to earn a living because of a disabling injury or illness.
Long Term Care Insurance
Long term care insurance is designed to protect your assets from unnecessary depletion should you require assisted living or nursing home care.
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