Article written by Jennifer Black and Dedicated Financial Solutions.
Our Vision – What if Accident and Sickness Strikes?
One of the areas that needs to be considered, in planning your vision for your future retirement, is what threats there are to your planning.
If you are still saving for retirement, an accident or illness could change your ability to save. If you cannot work for a number of months or a year, not only will your ability to add to your investments be reduced, but you may need to withdraw from your investments to cover current expenses. Before you reach retirement age you are 5 times more likely to be unable to work because of illness or accident than you are likely to die prematurely. Having disability and/or critical illness insurance in place will protect your retirement savings.
What about after retirement? Is there a chance that medical expenses will be so high that you will need more money per month than you expected? Do you want to be able to stay in your home even if you cannot care for yourself, or will you go to a long term care facility? Even in a facility, would you get the care you need and deserve or would you want additional help brought in? How much would it cost for nursing care in your home? Having long term care insurance will help cover these expenses.
If you feel you have more than enough money to live on in retirement, you may not need additional insurance. In that case the unexpected expenses can be covered, and this will just reduce the estate that you will leave to your beneficiaries.
The important thing is to consider what might happen and how it will affect your planning.
To review your situation and determine if you need coverage for your family today contact us.