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Protect your paycheck

You can’t predict the future, but you can prepare for it. Take care of what matters most in your life — your loved ones, your assets and your financial future — by creating a protection plan with all the key components covered.

Having the right protection in place can help boost your confidence about the future.

Disability income insurance

Consider a personal disability income policy. If you can't work for an extended period, disability income insurance replaces a portion of your income. If you have a basic group disability policy at work, it probably covers 50 – 60% of your base salary.1 Think about supplementing that coverage with an individual policy to replace more of your income.

Life insurance

Check into your life insurance options. Life insurance can play a vital role in your financial planning strategies throughout your life. It can help you grow assets, protect your family when you pass away and provide you with a tax-efficient way to transfer assets to your heirs.

Auto and homeowner's insurance

Look for gaps in your auto and homeowner's insurance coverage. Do you know how much liability coverage you carry in the event of an auto accident? Standard homeowner’s policies may help protect against financial loss if you are sued and may cover medical expenses of people injured on your property. It’s smart to understand the amount of insurance protection you have and what may not be covered.

Designate your beneficiaries

At least once every two years look at your beneficiary elections on all your various financial accounts and insurance policies, and particularly after major life events, to ensure they are current and correctly designated.

Review your estate plans

Update your estate plans. Keep your plans updated so you can pass along your legacy according to your wishes. Review your will and other key documents once a year but especially after key life events, such as a marriage, divorce or death in the family.

Before you purchase any additional insurance, be sure to ask your advisor about the insurance policy’s features, benefits and fees, and whether the insurance is appropriate for you based upon your financial situation and objectives., “The basics of long-term disability insurance." January 2020