Snow on Opening Day (04/04/2016)
Today is Opening Day for the majority of Major League Baseball. The season is spring and the month is April, yet snow is falling in many areas of New England. Some may be enjoying this weather, but the overall feeling among most is that this is not what we signed up for. Many of us are shifting our frustration toward the “weatherman” although we know they do not control the weather nor are they guaranteeing the forecast results. The best thing we can do to cope with the unpredictable weather is to be prepared with our umbrellas, shovels, layers of clothing, and other storm resources.
Life and Disability Insurance perform in a similar manner to help us be prepared when the unpredictable happens. While we all know that there is a chance we could become disabled or worse, we are generally not including this in our immediate forecast. We might feel uncomfortable about planning for the worst, as the hope is for sunny skies and pleasant days ahead. By having the proper insurance in place, you can help yourself and your family weather the storm.
Disability Income insurance helps replace or supplement income if you should become disabled. Disability can come in many different forms. It could be due to an accident, illness or condition that prevents you from being able to perform the duties of your job. Depending on how physical your job is, you could be at higher risk. Both group and individual policies are available. Look into your current benefits plan to see what coverage you have. Often short-term disability is provided automatically, but the longer-term coverage may be optional. You can customize a plan to fit your income needs and situation for both the short and long-term. Some may choose to self-insure with savings, but this would again be dependent on your income and family needs.
Basic Life Insurance is often provided as an employment benefit equal to one or two times your salary. You may also have the option to acquire higher levels for additional cost to you. Individual policies are available to most in the general market. You will find many different types and, in many cases, you will go through an underwriting process. The best you can do for yourself and your family is to go through the process of determining the amount needed to help in the worst-case scenario. From there, different plans can be put together to provide the resources needed if something unplanned does happen. Your needs will change through the years, but putting a foundation in place will enable you to stay on track with your goals and plans.
We will continue to look to the predicted forecasts for guidance but we will also continue to have our many resources available when the curveball is thrown in our direction.
Lisa A. Dugan
April 4, 2016