Are You Financially Prepared For 2010 and Beyond?
As the new year begins, now may be a good time to review your insurance coverage to make sure you’re financially prepared for the future. Most financial experts recommend reviewing your insurance coverage on an annual basis to make sure you have appropriate protection for you, your family, your earning power, and your business. Plus, factors like inflation, the current economic conditions and any recent lifestyle changes signal the need to reevaluate your coverage, too.
Here’s a checklist of points to consider as you review your finances:
1. Life Insurance. Recent studies show most Americans (80%) have life insurance but most don’t have enough to adequately provide for their loved ones after they’re gone. To take care of your family’s day-to-day needs, you need enough coverage to take care of their future. Do you have enough life insurance? Many term life plans offer up to $1,000,000.00 in protection, and can be personalized to suit your specific needs, including term length and coverage amounts.
2. Disability Insurance. If you became too sick or hurt to work, you could lose your capability to provide for yourself and your family. At the same time, your day to day expenses could increase due to medical bills associated with your disability. Disability Insurance provides monthly income benefits should you become disabled and unable to work. It’s an important part of your future financial security because it protects your earning power.
3. Health Insurance. Most basic health insurance and Medicare supplement plans do not cover all expenses. Co-pays, deductibles, cost-shares, policy limitations and exclusions all add up. That’s why many Americans consider supplemental medical insurance like dental, long term care, and Medicare supplement insurance policies to help fill gaps in their health insurance coverage. The Trust will be adding other supplemental policies this year for you to consider as well.
4. Business Overhead Insurance. If you own your architectural practice, Business Overhead insurance is important to your financial security to help protect against business risks. This type of coverage helps you pay major office expenses like employee salaries, rent, business loans, utilities, insurance premiums and other monthly business bills. Could your business survive without Business Overhead insurance? By having this protection, your capability to run your practice won’t be compromised if something were to happen to you.
5. Accident Insurance. This type of insurance pays a lump sum benefit should a covered person die as a result of an accident. In addition, accident insurance policies generally include additional benefits for safety devices (e.g., seatbelt usage and air bag deployment) and education to help loved ones continue their lifestyle. It also provides coverage for you if you become disabled as the result of an accident. Many Americans purchase accident insurance to complement their life insurance coverage and to make sure they have enough financial security should something happen to them.
Remember: Your insurance coverage is a valuable part of your financial security. Without the right protection and enough of it, you and your loved ones could suffer financially. Whether you need additional coverage or not, it’s important to take time every year to review your insurance coverage to make sure you’re financially prepared for the future.
The AIA Trust has partnered with industry leaders to offer you many valuable insurance plans in an effort to help you achieve financial security. Group plans are underwritten by New York Life Insurance Company, NY, NY. Visit www.TheAIATrust.com today for more information, including features, costs, eligibility, renewability, limitations and exclusions.