Hi, I’m Jamie Lima with Woodson Wealth Management. As the crisis continues and we continue to deal with the anxiety driven by the election, it’s clear that we’re in for months and maybe years of economic pain.
A lot of folks are still worried about what the long-term effects and would happen if they lost their income in this crisis, due to layoffs, business closings, or even illness.
In this video, I’m going to walk you through some of the questions to consider to help make sure your income and loved ones are protected.
Usually, things like income protection and insurance aren’t the kind of thoughts that keep people up at night. We might think about it once in a blue moon.
But, times are not normal. COVID-19 has the potential to change everything we thought we knew about our health and our finances. That’s why now is the right time to take a look at the insurance coverage you have now and think about whether you should increase your protection.
Here are several questions to guide your analysis:
One: Who are you responsible for? Do you have enough coverage to provide for a partner, children, or aging parents from the loss of your income? Are you relying on investment accounts that could be impacted if the economy gets worse?
Two: Are you relying on your employer to provide life insurance? And if so, what happens if you lose your job? Should you get some supplemental coverage?
Three: If you were to become ill, is your income protected? If you needed extended care, how would you pay for it? Should you up your disability insurance and long-term care coverage?
I know these aren’t easy questions to answer. As your financial professional, it’s my job to understand the risks, the considerations, and the “what-if” scenarios that go into decisions about insurance coverage.
If you’d like a free risk assessment and evaluation of your current coverage, or if you just have questions, me or fill out the form below. I’ll respond personally and we can walk through your options.