Insurance editor, Finder
1. How should insurance be integrated into your financial safety net?
A smart way to protect you and your family’s finances is by investing in a life insurance policy. If you die, you can ensure your family has the funds to get by. Life insurance isn’t one-size-fits- all, how much protection you need and how much you’ll pay depends on your health and life stage. However, a term life policy is the cheapest and most simple form of life insurance, and can offer protection for up to 30 years.
A second component to your financial safety net should include disability insurance. This way, your livelihood is protected if you can’t work after a covered illness or injury. Choosing between long-term disability, short-term disability, or a combination of both will depend on what percentage of your paycheck you’d need replaced and for how long