4 financial tips to keep your family safe

It is difficult for our finances in order, not because it is particularly difficult, but because it is boring ... ? Tedious? The last thing we want to spend time on? To remedy this, here are four tips that you can take on and accomplish

1. Make sure you have a life insurance or enough. Do you really need life insurance? Well, answer this question: Does your family suffer financial if anything to you? If the answer is yes, you need life insurance. Then comes the question, how much? There are a number of factors that go into determining how much life insurance you may need. But it should not be difficult. Instead, use the Life Insurance Calculator needs, and in just minutes you can have a working idea of ​​the amount you need. If you already have life insurance, why not use this calculator to make sure you have enough!

And do not let the cost or you actually received cost-stop to get coverage. Did you know that 80% of people overestimate the costs how much life insurance? And those under 25 think it is four times more expensive than it actually is. We will frame this way, you are 30 and in good health, a life insurance policy term of 20 years level with $ 250,000 in coverage can cost about $ 13 per month. This is the equivalent of a few drive-through Starbucks lattes. Here are a number of ways you can get coverage or find an agent if you do not have it.

Would you like your former spouse to get your life insurance if something were to happen to you because you forgot to change the beneficiary on your policy?

2. Review your life insurance beneficiaries. Do you want your ex to get your life insurance if something were to happen to you because you forgot to change the beneficiary of your policy? Do you want the money to get tied up in court because you named your minor children as beneficiaries? These are false that occur more than you think. Add to that the fact that people can have more than one policy, for example through workplace (Group Policy) that they purchased individually.

This is exactly the kind of thing a life insurance agent or advisor can help. And it costs you nothing to talk with them about it. Also, if you crossed tip # 1, they can double check that the amount of coverage that you came up with for your needs. Also, it is honestly a lot less hassle to have someone who knows what they do help you out, and is not that what we're trying to achieve here get done?

3. Do not skip disability insurance. Many people are not really aware of what disability is and what it does. Basically, it replaces part of your income if you are unable to work because of a disabling illness or injury. Why is this important? Think about how much time you can make ends meet to pay the rent or mortgage and all your monthly bills if your paycheck suddenly disappeared. A Life Happens survey found that the majority of those working would not more than one month before they would have to do some serious financial sacrifices. Again, an online calculator can help; Start with this unit need disability insurance.

So how do you get? Your employer may offer disability insurance coverage through a group plan. If you are not sure, contact your Human Resources or Benefits Administrator to determine what type of coverage you have (if any). If you are not covered, or need more than what is offered through work, buying your own disability insurance policy is worth considering. Unlike group coverage, private insurance stays with you even if you change jobs.

Also keep in mind that most people overestimate what the government will pay or cover if something were to happen. According to the National Safety Council, 73% of long-term disabilities are the result of an injury or illness that is not work-related and therefore not eligible for workers' compensation. And if you were hoping for disability benefits from Social Security, you should know that about 45% of those who apply are initially denied, and those who are approved receive an average monthly benefit of about 1 $ 100, leaving you live at about the level of poverty.

4. Automate your emergency fund. Although not as fundamentally critical that the advice above, this will probably be the biggest impact on your life day to day. Each of us is faced with unexpected events which are expensive, a major car repair, a leak in the roof, a job loss ... the list, as you know, can seem endless. To give you peace of mind and little cushion, set aside a certain amount each month, it could be $ 50 or $ 500, depending on your financial situation, and automatically deposited in your account to saving. If it is easier to follow, you can even keep it in a separate account. It becomes obvious, because the money is not there for you to spend. In a year, if you have selected one of the above amounts, you could have $ 0 or $ 6,000 stashed!

These tips will put you on the path to ensure that if the unexpected occurs, you and your family will be OK financially. And what is more valuable than peace of mind?