Insurance Planning

How much life insurance do I need to protect my family?

Answer: A starting point is 15-20 times your income. The exact amount depends on many factors such as, how many people depend on your income and how much debt do you have. Term insurance is a cost effective way to buy the right amount of coverage. Buying the correct amount is more important than the particular type of coverage.

How do I protect my income in case I get sick or hurt?

Answer: The largest asset that most people have is their earning potential and therefore protecting it is very important. The best way to do this is to look into purchasing a Long Term Disability Policy. Whether you get a policy through your employer or you purchase your own, these policies typically pay a tax-free benefit to the policy holder for a particular time-period; say for 5 years or until you turn 65. There are many ways to design these polices which allows you the ability to customize the benefits to fit your exact needs.