The Role of Insurance

Insurance should be an important part of your overall financial plan. Simply put, insurance can provide for your family's financial security, should something happen to you before you've accumulated enough assets to cover their needs.

While there are many types of insurance - and the type(s) that are right for you depend on your specific financial situation - we focus here on life, disability and long-term care insurance.

Life Insurance

Life insurance is designed to provide family members (beneficiaries) the money they would need to live the life you've envisioned for them, should you die prematurely. When considering the amount of life insurance you need, consider your family's needs for:

• Immediate Cash
  To cover final medical and funeral expenses, mortgages, other one-time costs


• Ongoing Replacement Income
  Provide investable assets sufficient to generate the income on which your family depends

Keep in mind that as you grow older you'll probably need less coverage as debts are usually paid off, college costs are gone, mortgages are paid off, etc.