The money you earn and invest is great, but you should also think about how you protect what you are working for. It is not just about what you gain. It is also about what you do not lose. You want to think about ensuring you have insurance to protect you and your family. Some of the insurances to consider would be life insurance, short-term disability, and critical illness to name a few. These insurance’s will hopefully not be needed. However, they are good to have to avoid any potential issues that could come up.
You may have some insurances already which is great. When was the last time you did a little audit? Your life and circumstances are constantly changing. This is why it is important to review the plans you have. Have you recently gotten married or welcomed a new baby? Did your investments or salary go up? These are simple reasons why the plan you first purchased may not make sense anymore. You probably will have to beef up your insurances when there are more members of your family that rely on you. You will go down on your plans or even drop them when they are not dependent on you anymore. All things you factor and consider as life goes on. This is not done weekly, nor should you stress it daily. Once a year or during a big life event is more than enough.
I have been asked about these plans when it comes to your employer versus an outside vendor. The truth is having something is better than nothing. It will probably be easier to get insurance through your employer. This is the first place to start. However, there are different plans out there to consider from other sources. Just make sure you vet them and look into them before committing to anything. There are plenty of people out there selling absolute garbage that does not make sense. On the flip side, there are some great plans out there if you dig a little bit. Just do a little homework.