Life Insurance

  As your priorities change at every stage of life, you need to change with them, especially when it comes to insurance. Coverage that meets your needs when you are 25 years old is likely to be different when you reach age 55. As you think about your evolution through life, consider these important stages and the insurance needs of each. Protecting one of your most valuable assets When you are young and just beginning to accumulate financial assets, your ability to earn income is likely the foundation of your financial future. Protecting that income is critical. Consider this: If you are a 35-year-old earning $50,000 per year, let’s say you have an additional 30 years of earning potential. With estimated annual salary increases of 3 percent, you’ll earn more than $2.3 million dollars over the remainder of your career. What would happen to those you care about if you could no longer work because of illness, injury or death and your earning power was gone? Chances are there would be financial hardship unless you protected your income with disability income insurance and life insurance. If your employer offers disability income insurance as a benefit, you may assume you’re adequately protected. However, that coverage may be insufficient if you examine it closely. Also, remember that group disability ends when you leave your job. With today’s unstable job market, that’s something to think about. Individual disability income insurance policies are available with various features and options, and may be more affordable than you think. Since your coverage stays with you, job changes or periods of unemployment won’t interrupt your protection....