Disability insurance ensures that you if you’re sick or injured you’ll continue to receive a percentage of your salary until you can return to work. Your ability to work and earn an income is one of your greatest assets and is something that you need to protect. Check out how much you might need with this online DI calculator. Plus, ask your HR person at work what type of coverage you might have through your job, and what percentage of your salary it would cover and for how long.
6. Where there’s a will, there’s a way. This is also the time to put in place a will, which specifies how one’s estate will be managed after death and designates executors, guardians and trustees. And don’t forget to get a living will, too, to make sure your spouse knows whether or not you want to be kept on artificial life support. You and your spouse should also designate a power of attorney—someone authorized to manage your affairs, typically financial ones, if you’re not able to handle them yourself.
7. Meet with an insurance professional. Many people don’t know that you can sit down with an insurance agents and talk through your needs at no charge—and no obligation. If this all sounds overwhelming, why not reach out for professional advice? To find an agent advisor in your area, visit our Agent Locator.