Accidents and illnesses can be major disruptions. Complacency and optimistic thinking can lead us down the path of delaying the decision to protect against such events.
We all have insurance to protect our home and car in the event of a catastrophic accident. But when is the last time you talked with your advisor about protecting your income? How prepared is your family for an accident or illness that prevents you from working?
Disability income insurance, long-term care insurance, and life insurance should all be part of your financial planning conversations.
A will, power of attorney, and estate plan are important considerations that can provide the logistics that allow trusted friends or relatives to make decisions on your behalf if you are unable. Talk with your advisor about putting these in place.