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Of course, foundational financial goals are important, but for Millennials, these non-obvious financial goals are the ones that you will look back on and think, “I am so happy I did these too.” While disability and term life might seem like goals that no one is concerned about now, the benefit is more significant than you can imagine
Of course, it is important not to overlook the basics of your personalized financial plan. Personal Finances 101: Amplify My Wealth sets forth the essentials to build a solid foundation for your personalized financial plan. But also, Millennials: non-obvious financial goals like disability and term life insurance can be those goals that can make a difference.
“exploring term and disability coverage may not sound like a glamorous financial goal. However, Alissa Krasner Maizes, registered investment advisor and founder of Amplify My Wealth, said term life and long-term disability coverage are a must-set goal for millennials.
Some millennials may already have term and disability coverage provided through their employer. However, this type of coverage can often be insufficient. Krasner Maizes said it’s a good idea for millennials to take the time to assess whether their coverage is adequate in the event they pass away or become disabled.
‘Ask yourself if the coverage would be enough to pay for the mortgage on your home, pay off other debt, supplement the lost income, and, in the case of disability, provide enough money to get the extra help you may need to be cared for adequately,” said Krasner Maizes. “Besides the apparent profound impact, can you and your loved ones otherwise continue life as you know it?’”Millennials: 4 Non-Obvious Financial Goals Worth Setting GoBanking Rates written by Heather Taylor
Millennials, pay attention to those goals that help you sleep better at night and ensure that you and your loved ones will be OK if the unimaginable becomes your reality. Although far from glamorous or trending on social media, mitigating your risks with term life and long-term disability is necessary.
While you may already have term and disability coverage through your employer, your coverage will likely not come with you if you change jobs, and employer coverage is often insufficient.
Of course, taking advantage of employer benefits is excellent, especially when it is at no cost to you. But always take the time to assess whether your coverage is adequate if you pass away or become disabled.
Ask yourself, amongst other things, Would the coverage be enough to pay for the mortgage on your home, pay off other debt, supplement the lost income, and, in the case of disability, provide enough money to get the extra help you may need to be cared for adequately; ultimately, besides the apparent profound impact, can you and your loved ones otherwise continue life as you know it.
While you might think you can wait to prioritize this goal, reconsider.
With each passing year, the premiums increase, as well as the likelihood that you can have a health change that escalates the cost exponentially or may even make you uninsurable.
Or even worse, that unexpected insurable event becomes your reality.
Once you have these policies outside of your employment, you can automate your payments and know that changing jobs will not risk your coverage.
Of course, I hope you look back and think about how lucky you are that you lived so long and no one received payments due to a consequential loss on these policies.