Two Insurances You Need – NOW!
Disclaimer: Good Day, Readers. The WealthBuildingPowers blog focuses on financial literacy and competency, and it does not provide specific investment recommendations.
Disability and Life Insurance!
Your biggest asset isn’t your house or car. It’s your ability to earn money. Financially literate people protect their ability to earn money in sickness and in health.
Disability insurance
Disability insurance is a crucial coverage that most people skip. If you have a health crisis or accident and cannot work, how will you pay your bills? The Disability insurance replaces 60-70% of your income.
I used my short-term and long-term disability insurance for health reasons. Believe me, I was thankful I had those policies, which paid me about 90% of my after-tax income.
Your employer might offer some coverage. It’s usually not enough. Get additional coverage through an insurance agent. Yes, it costs money. Losing your income costs more.
Life insurance
If you have kids, a spouse, or anyone who would struggle financially if you died, you need life insurance.
Term life insurance is cheap and straightforward. A healthy 30-year-old can get $500,000 of coverage for ~$30-50 monthly. Whole life insurance is more expensive and complicated. Look at both types of policy, but take action and protect the ones you love!
Simply use any AI chatbox or search Google “Disability and Life Insurance” to find vendors. Get quotes and pick a policy right for your needs.
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ABOUT ME
I am a proud nerd (as my beautiful wife and daughter have told me) investment and finance blogger with an NC. State, Chemical Engineering, University Rutgers, MBA and Harvard University, Advanced Management education.
I left a corporate career because I desired to make a difference as a speaker and writer. I was blessed to be coached and mentored by strong women and men in my family and professional life. It is my time to serve and give back.
DISCLAIMER
I started my first business at ~13 years of age (a small but brilliantly created plant nursery). I am a successful investor in stocks, options, and real estate and am happy to share my finance and investment lessons. I am NOT a licensed financial advisor. Please do not construe my suggestions on this blog as recommendations for your situation. As an investor, you must establish your risk/loss tolerance. Investment in any asset involves risk, including complete loss.
Please seek your licensed CPA or fiduciary financial advisors for individual financial advice.
I write this weekly blog to make an impact by reaching an audience and demonstrating the need for financial literacy. I will help you get there.
