Are You Protected If Something Happens to You?

Protecting your family involves more than having insurance. A few important decisions made now can make a difficult situation easier for the people you care about.

If something happened to you tomorrow, would your family be okay?

It’s a big question. Answering it starts with some fairly practical ones.

Consider whether your family could manage financially without your income. Think about who would need to step in and whether that person could find your insurance policies, financial accounts, estate documents, and other important information.

A protection plan can help you address those questions now, rather than leaving your family to figure them out during an already difficult time.

Check your life insurance coverage

Life insurance needs change as life changes.

The policy you purchased years ago may not reflect your family, income, home, debt, or other financial responsibilities today.

Review how much coverage you currently have, including any policy offered through your employer. Consider the expenses your family would need to manage without your income, from the mortgage and everyday bills to childcare, education costs, and longer-term financial goals.

If some or all of your coverage comes through work, find out what happens to that policy if you leave your employer.

Know what your disability coverage would provide

A serious illness or injury could affect your finances even if you’re able to return to work eventually.

Disability insurance can replace a portion of your income when a qualifying condition prevents you from working. Check whether you have short-term or long-term disability coverage through your employer or an individual policy.

Pay attention to how much income the benefit would replace and for how long. Compare that amount with your household’s essential monthly expenses to see where you might have a gap.

Review your beneficiaries

Beneficiary designations generally identify who will receive benefits or assets from life insurance policies, retirement accounts, and certain other financial accounts after your death, subject to applicable plan terms and legal requirements.

Check the beneficiaries currently listed on each account or policy and update them when needed. Changes such as marriage, divorce, the birth of a child, or a death in the family are all good reasons to review your designations.

It’s also worth making beneficiary reviews part of your regular financial check-in, rather than waiting for a major life event to prompt one.

Revisit your estate documents

Your estate plan should reflect your life as it exists today.

Review your will and any other estate planning documents you have in place, particularly if your family, finances, property, or wishes have changed.

Depending on your situation, your estate plan may help address how certain assets are distributed, who can make financial or healthcare decisions on your behalf, and who would care for minor children.

If you don’t yet have estate documents, an estate planning attorney can help you determine what you need and prepare the appropriate documents.

Make important information findable

Someone stepping in on your behalf may need to locate bank and investment accounts, insurance policies, estate documents, bills, and contact information for the professionals you work with.

Create a record of what exists and where it can be found. Keep sensitive information secure, but make sure a trusted person knows how to locate what they would need.

That person should also know whom to contact, such as your financial professional, attorney, insurance professional, or employer.

Finally, check the emergency contacts listed with your employer, healthcare providers, and other important organizations. Make sure the names and contact information are still current.

Your protection planning checklist

Set aside time to review these seven areas:

Life insurance: Is your coverage appropriate for your family’s current financial needs?

Disability coverage: How much income would you receive if you couldn’t work, and for how long?

Emergency contacts: Are the right people listed with current contact information?

Beneficiaries: Do your current designations reflect your wishes?

Estate documents: Are they current, and does someone know where to find them?

Account access: Could a trusted person identify your important accounts and take the appropriate steps to access them?

Important information: Does someone know where to find the financial, insurance, and legal information they might need?

Put a protection review on your financial to-do list

You don’t need to wait for a major life change to check whether your protection plan still works.

Reviewing these items periodically can catch an outdated beneficiary, an insurance gap, or a document no one else knows how to find.

Your intellicents financial professional can help you review the financial pieces of your protection plan and determine where updates may be worth considering.

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summary

A protection plan helps prepare your family for the financial and practical decisions they may face if something happens to you. Review your life and disability insurance, beneficiaries, emergency contacts, estate documents, account access, and important financial information periodically to make sure your plan still reflects your life today.