Fortify the Walls

If the enemy breaches your moat you’ll be glad you built a series of walls to halt their advance.  When you consider the threats to your financial safety, protecting yourself from lawsuits, income loss, or loss of life are three critical needs.  I think of Liability, Disability and Life insurance as the modern means to fortify the walls of your financial life.

I find too many people are not considering the threats to their lifestyle, or using inadequate rules of thumb to protect themselves.  Of course, you want to insure your life so that the balance of the mortgage would be paid.  But, also consider the impact that an illness or injury that kept you out of work for a while, or a lawsuit, would have on your finances.

Lesson Three: Think of disability insurance as the first stout wall around your castle and life insurance as the second wall.  You need both. The right mortgage allows you to fund both.  Access an insurance planning calculator to start getting an idea of your needs for protecting what you have.   Let’s put it all together.