Protecting your plan is important and should be the first step. Part of creating a sound plan is establishing an emergency reserve. It is recommended to have 3 to 6 months of expenses accessible in case of an emergency. In addition to an emergency reserve, sufficient disability insurance should be in place.

Through targeted estate and life insurance planning, there will never be a doubt in your mind that your loved ones are cared for. While having 7-10 times your annual income is recommenced, every family has different needs. Life insurance can also be used by business owners or for creating a tax-free income stream.

Life Insurance comes in 2 main forms:

Renting Life Insurance (Term)

-Renting coverage

-Low payout rates

-Little out of pocket

-No value at end of term

Owning Life Insurance (Whole Life, Universal Life, Indexed Universal Life, and Variable Universal Life)

-Own Coverage

-Potential to fund policy with no additional premium payments

-Includes investment/savings aspects

-Potential retirement/college/emergency fund

-Allow benefits to maximize pension income

-Potential tax free income

-Long-term care available

Follow this link for more detailed information on the types of coverage available.