Update your protection plan with a year-end review
With the year soon coming to a close, take a look back and think about all the changes that you and your family have experienced over the past year. This is also a good time to look ahead to prepare for any anticipated changes.
Any major changes - whether personal or professional - can significantly affect your family's insurance* needs. A year-end review of your situation will help ensure that you have adequate coverage.
Your family has grown. If you got married this year, your responsibility now extends to another person. The birth of a child increases your responsibility that much more. Consider expanding your life and disability insurance* coverage accordingly. A divorce, serious illness, or death in the family may also require you to adjust your insurance and estate plans.
Your work has changed. Did you start a new job this year? Are you expecting a raise or promotion soon? Higher income means greater financial losses to your family if something were to happen to you. If you left a full-time job to raise children or start your own business, it's crucial that you replace group insurance benefits with a personal plan.
You took on debt. Perhaps you've bought a new home or car, or borrowed money to renovate your kitchen. If you've taken on additional debt, make sure your insurance is adequate to cover all liabilities and interest payments.
Professional guidance can assist you in keeping your insurance and estate plans up-to-date and ready for changes ahead in the New Year.
* This article is brought to you by Credential Financial Strategies Inc., available through Synergy Credit Union. Credential Financial Strategies Inc. is a member company under Credential Financial Inc., offering financial planning, life insurance and investments to members of credit unions and their communities. Give us a call or visit your nearest branch.
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