Smart Insurance Planning for Young Families

Scott McEachern |

IMG_4368.PNGMany young families sometimes do not plan in the right sequence. They may fail to remember that their most important asset is not their home, vehicle, or bank account, but the income stream they provide each week to support those assets. Simply put, it’s the reason we always take about insurance at our first meeting.

Do you have insurance? What type? How much? These are questions we often ask during a meeting. We ask because many young families have never given any thought to insurance. Some don’t know what insurance is, some have plans their parents bought when they were children, and some have proper coverage. Regardless of which category you fall into, if you have a family, you need to look at protecting your income with insurance (disability, critical illness, and/or life insurance)

Why? The only person that can protect your biggest asset is you. If you’re one of the lucky few to have group benefits, keep in mind the coverage likely ends when your job ends. Why would your job end? Maybe you’re leaving to go back to school? Maybe you’ve got a better opportunity elsewhere, or maybe you’ve been laid off due to surplus or cutbacks. The reason you leave may not be your choice, but group benefits will likely end at that point, so best to own your own coverage.

family.pngThe best time to act it is now, when you are young and as healthy as you will ever be. There is a bonus to getting protection when you are young and healthy – It’s less expensive! We have found that for $25-$50 per month, you can guarantee your family is protected and even if your health changes down the road, no one can take the coverage away from you.