The beginning of the New Year presents multiple opportunities to evaluate your current estate plan and your financial strategies. Significant changes have occurred for many people throughout the last two years at a global level in addition to those that might have affected your personal life, such as a marriage or a divorce. This makes it important to ensure that you always have appropriate insurance coverage.
Failing to have appropriate insurance coverage can prove problematic if and when you have an event that would have otherwise been covered by this situation. It becomes very important to have the support of an experienced lawyer to guide you through this process and help you round out a comprehensive plan.
Life insurance and disability insurance are often overlooked but are important components of your financial security strategy. Disability Insurance steps in to help provide you a portion of your income if you become disabled or incapacitated and are unable to work. Life insurance is much more situational, but you should consider any potential assets and debts that you have, as well as how you would intend to support a loved one or other beneficiaries in the event that your income were no longer available.
If you are the primary wage earner, you might include 5 to 10 times your annual income when evaluating coverage for a life insurance policy. For more information about using these strategies to help protect your loved ones and to limit your risks, schedule a consultation with an estate planning lawyer in Virginia Beach.