No one wants to think about something tragic happening to a family member, but unfortunately the unexpected can happen. Learn how everyone from young professionals to active parents can take action to protect their loved ones.
Talking about money is a crucial first step. People are becoming more open when it comes to sharing smart money decisions. Educate yourself and your family about the importance of spending smart, saving for a rainy day, and paying off debt. Be transparent about major expenses like a car, home, or other special purchase. You may be pleasantly surprised as others give tips and encouragement for your savings journey.
Young adults (single or married) understand it’s good to have a basic life insurance policy. Buying a policy while young and healthy can sometimes mean lower premiums. If you become the primary breadwinner or guardian, consider expanded coverage. A variety of policies are available, and a professional can help you select an option based on your profession, family health history, and other factors.
An area where everyone could use some work is keeping beneficiaries up to date. Remember to inform your children of your plans and to ask your parents to explain theirs. Identify proper guardianship and contacts to help manage any required financial transitions.
Regardless if you’re looking out for your parents, kids, spouse, or your own well-being, have a plan in place and communicate it to those who need to be in the know. For help with creating your plan, keeping it up to date, and identifying significant milestones, contact the office at any time.