Written by Anna Marrah
2018 has kicked off and many of us are committing ourselves to New Year resolutions and goals. Financial goals, such as paying off debt, building your credit score, or starting a Roth IRA to begin saving for retirement, are incredibly important objectives to set. One financial cornerstone that you may not have considered a worthy goal is life insurance. However, this is a truly vital financial tool that should not be overlooked when resolving to build your financial portfolio.
Why should life insurance be a financial goal?
Cash flow and the monetary nest you build often steer how you and your family live life. Your income sets your life-style. As your net wealth grows, larger and larger risk is introduced to your way of life. Think about it – if your cash flow suddenly vanishes, the world you have built vanishes too.
This is what often happens to uninsured families after the unexpected loss of the bread winner. Their cash flow stops and the painstakingly built savings deplete in the face of funeral, legal, and living expenses. Savings could dry up entirely before the family has managed to find another source of income. Coupled with the loss of a beloved family member, this loss of stability and financial security can be devastating to families.
Your family needs a financial safety net.
The proper life insurance coverage is there to protect you and your family from the giant “what ifs” of life. It is the safety net that protects your way of life when it is threatened by tragedy and loss. This makes it of huge importance to have life insurance as a financial cornerstone, supporting your carefully built nest egg and providing protection for your real treasures.
As your family grows, as your financial wealth increases, so does your need for a safety net. Insure your family’s way of life, insure your financial stability, by making proper life insurance coverage a prominent financial goal for 2018.