Ah, life. It continues whether we are prepared or not. But preparation is key to navigating life events that affect our finances.
Two become one, and that means shared responsibilities and incomes. Let's face it -- life insurance may not be top-of-mind for couples embarking on a lifetime together, but perhaps it should be. If one of you was unable to work, could you afford your mortgage or your day-to-day bills?
If you start your financial planning early in your marriage, you'll have a better chance for financial success, and you'll increase your future options.
A home requires insurance, and we encourage you to work with a professional insurance and financial advisor to be sure your home is adequately covered in any circumstance. Bundling home and auto insurance with the same provider can also give you significant discounts, and a professional can discuss those options with you and help you get the most value from your policies.
Birth or Adoption of a Child
You'd be surprised how often a child comes into the family and parents forget to add them to the insurance policy. Fatigue and a new parent's steep learning curve will do that! Set up reminders during the relatively calm months before the new arrival.
Job changes can be good or bad. Ideally, your salary is increasing, and that is a great opportunity to consider reevaluate your insurance coverage. Let's face it, as income increases, so do expenditures. Keeping your budget the same and putting the additional income into savings or increasing your life insurance could be a great strategy. An insurance and financial professional can help you make adjustments to your financial plan as you move along your career path.
The end game is a comfortable retirement. It may be years in the future for you and your spouse, but it's difficult to make up for lost years of not planning. There are many insurance and retirement products that can help ensure a successful journey.
Annuities, for example, are great for providing guaranteed income in retirement or at any stage in life. Talk to one of our professional insurance and financial advisors about the right strategy for you.
Unfortunately, tragedy can strike. Be sure your family will be able to pay off the house, pay for children's education and continue their way of life in the event of an untimely death. Hopefully, that will not occur, and you can use insurance to help provide the best life for your family and enjoy a generous income in retirement.
Learn a lot more and connect on financialsecurity.org with a NAIFA member who can help you determine the best solutions for your changing needs.