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When looking for the most apt insurance policy for your needs and financial planning goals, it’s important to study the options carefully. Policies come with various features and add-ons, and the price will depend on the number of benefits included. The idea is to safeguard your most important assets.
Topping the list of must-have insurance policies is life insurance. This is important in ensuring that your dependents maintain financial stability when you’ve moved on. Study your annual income and decide on a plan that effectively replaces your earnings. Among other things, a life insurance covers burial costs and mortgage expenses, which can prove to be a huge burden for those you’ll leave behind.
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It’s also great to be ready for possible future disability. Getting a long-term disability insurance will compensate for your compromised earning power if you can no longer work. This often comes hand in hand with a sound health insurance policy that will get you more financially ready for the rising costs of medical care should you fall ill. Just consider the argument that having one is much better than having to regret later as you deal with medical expenses.
Delos H. Yancey is the chairman, president, and CEO of State Mutual Insurance. He is a Certified Financial and Insurance Examiner and a fellow of the LIMRA Leadership Institute. Click this link for more information on Mr. Yancey and his company.