When you think of insurance, you may first think of coverage for your auto and home. But have you considered coverage for your family’s financial security? Circumstances such as an extended illness, accidental injury or the death of a working parent can all affect the family’s future financial well being.

The types and amount of insurance a family needs will typically change through the years. For example, working parents with young children may want to consider utilizing different types of insurance to help secure their family income. Typically, that’s done through life, disability income, critical illness or even business insurance. As the family grows, the parents may no longer need to protect their income but may want to consider leaving behind an inheritance with life insurance or realize their own possible needs for long-term care insurance.

Many families consider life insurance essential because it provides extra security should the unthinkable happen. The loss of a loved one is devastating enough without the worry of how to cover bills and a mortgage. To determine how much life insurance you need, start by considering the following:

• Your age
• Income
• Family’s lifestyle and dreams for children
• Current assets
• Debts owed – such as a mortgage

Some life insurance policies are designed for a specific amount of time (perhaps 10 years as you pay off a loan), while others can build up cash value over the lifetime of the policy. This cash value may be withdrawn or borrowed against, or used to build up the death benefit of the policy.

Would you like to learn more? Send an email and explore options for reducing risk and providing security for yourself and your family’s future.