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The 360° Protection Plan: Life, Accident, & Disability Income Insurance

Planning to protect your family is the ultimate way to show your love. From funding a child’s education, leaving money to charity, focusing on retirement, or providing for loved ones—life, accident, and disability income insurance can be key elements of your financial plan.

Life insurance throughout your life

Different types of life insurance can have a role in each phase of your life. For those who are recently married or are beginning to raise a family, term insurance may be an option to guard against premature death.

As your savings grows and income increases, permanent life insurance may be added to your portfolio, since it provides death benefit protection with the ability to build cash value.

When planning for your retirement years, variable universal life will allow you to place more emphasis on cash value growth and the ability to provide supplemental retirement income. 

Finally, other very specific types of life insurance such as “second to die” contracts can cover you and your spouse with one policy along with any estate or inheritance taxes. 

Accident and disability income insurance

Life can throw us curveballs, which is why accident or disability income insurance can be equally important—and sometimes more important—than life insurance. Disability, even a short-term disability, can result in unexpected expenses if your earning capability is affected. If you require more extensive medical care, disability income insurance can provide some financial assistance. 

Does your employer offer accident, critical illness, long-term disability income insurance, or short-term disability income insurance coverage as part of a group plan? If so, consider whether the amount available to you is sufficient to take care of expenses if you’re injured or disabled for a short term or even permanently. 

If you’re self-employed, in addition to business-owned life insurance, you may want to explore disability or accident insurance with a financial professional. These benefits may help pay expenses for your business and your family.

Consider consulting a financial professional to find coverage that works for you and your family.