In all the time we spend planning for the big game and the parties that follow, it is a good idea to take a few minutes to think about your own defensive line.  The defensive line we have in place to protect ourselves from the unexpected.  Let me ask you, when was the last time you reviewed your financial plan or life insurance coverage?  We would simply like to encourage you to devote a few minutes to your own defensive line.

Putting the Home Team First

Here are 8 quick tips on how to protect yourself from the unexpected that are pretty quick and easy to review to make any necessary changes:

1. Purchase Life Insurance– The most common mistake people make is they buy expensive products, like whole life insurance, for too little coverage.   For both parents this is extremely important.  Comparing life insurance products is where to start.  Deciding if a whole life or term life fits your needs and budget.
2. Establish a Living Will or Trust – This also is extremely important to establish a written estate plan to ensure your wishes are met.
3. Plan for Your Future – This is a vital teaching tool for your children, where you are teaching them the importance of financial responsibility and providing a sense of security.   For families, you may want to consider Whole Life Insurance which can provide the opportunity to build a tax-deferred savings which can be drawn upon later in life.
4. Decrease your Debt – One of the biggest mistakes we make and especially young families, is carrying too much debt.   Young families find it gets harder and harder to crawl out from under the burden.
5. Have a Budget – This goes without saying, poor budgeting leads to debt problems.  We spend first and plan to save whatever is left.
6. Plan for Retirement now! – Young people can’t quite understand the importance for saving for retirement.  Focusing on long term goals is just as important as the short-term goals.  Do not fail to max out your 401 (k), and be sure you contribute enough to qualify for your employer’s match.   The longer you wait to start saving for retirement, the more you will need to stash away later.
7. Inadequate Disability Coverage – Unless you have at least 60% of your salary saved, you had better purchase more disability insurance.
8. College Tuition – Take for instance, in 18 years, a four-year college degree may cost more than $ 300,000.  For those parents who want to help their children, need to start saving now.   There are a couple of tax-friendly methods which can help get the job done.

Need more information on how to compare life and disability products?  Request a quote today at George@brokerswhocare.com