The New Year is a great time to start anew, and for some that means getting your finances in order.
For 23-year-old Mary who recently landed her first full-time job out of college, that means paying off student loans. For Henry and Barbara who recently furnished their first house as newlyweds, it means paying off their credit card. For Stan, it means contributing a higher percentage of his paycheck to his employer-sponsored 401(k) so he can retire at age 60.
Everyone has a different idea of what financial fitness means and therefore, our goals vary and change as our lives evolve.
While insurance may not come to mind to those looking to beef up their checking, savings or retirement accounts and minimize debt, protecting your assets should be a part of your financial fitness plan.
So what’s the best way to make sure you have the coverage you need?
Think about what you would do in an event of a fire, flood, hurricane, theft, crash, etc. If you have employer-provided insurance, such as Life insurance or Disability coverage, consider if that coverage is enough for your family, or if you need to purchase supplemental coverage. What would you do, for example, if you lost your job and no longer had insurance through your employer?
As you think about your assets, don’t just think about what you paid for each item. Rather, think about what the cost would be to replace each item. A house you bought 20 years ago, for example, may cost more to build today than what you paid for it 20 years ago.
If you’re interested in having an expert review your current coverage and areas that leave you vulnerable, contact your Brightway Agent today. We’ll help you choose the best coverage so you can gain peace of mind for your family. If you don’t have a Brightway Agent, click here and enter your zip code to find the closest Agency near you.