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5 Assets to Insure to Protect Your Wealth

Insurance is a powerful tool for mitigating risks and protecting your assets, loved ones, and financial future.

Whether safeguarding your home, protecting your loved ones, or securing your financial future, insurance is vital in mitigating risks and providing peace of mind.

As part of your insurance planning, consider the following assets to protect and insure for greater peace of mind.

Protect Your Deposits

Your hard-earned money deserves a safe haven. Ensure that your deposits are protected by verifying that your financial institution is insured by the Federal Deposit Insurance Corporation (FDIC) or the National Credit Union Administration (NCUA). FDIC and NCUA insurance provide coverage for deposits up to specified limits, offering reassurance that your funds are secure even in case of a bank or credit union failure.

Protect Your Stuff

Your home is more than just a structure; it’s a sanctuary filled with cherished belongings. Review your homeowner’s or renter’s insurance policy to understand the extent of coverage for your personal belongings. Ensure that the coverage limits are sufficient to replace your possessions in the event of theft, fire, or other covered perils. Consider additional coverage or riders for high-value items such as jewelry, electronics, or artwork to fill any gaps in protection.

Protect Your Family

Life is unpredictable, and we cannot foresee the future. In the event of your passing, ensure that your loved ones are financially protected by having adequate life insurance coverage. Assess your financial obligations, including mortgage payments, debts, education expenses, and ongoing living expenses, to determine the appropriate coverage needed to meet your family’s needs. Term life insurance offers affordable coverage for a specified period, while permanent life insurance provides lifelong protection with cash value accumulation.

Assess your current insurance coverage.

Protect Your Income

Your ability to earn an income is one of your most valuable assets. Protect yourself and your family from the financial impact of disability by securing disability insurance coverage. Disability insurance provides income replacement if you cannot work due to illness or injury, ensuring you can meet your financial obligations and maintain your standard of living during challenging times. Many employers offer disability insurance as part of their benefits package, but additional coverage may be necessary to fully protect your income.

Protect Your Senior Years

As you plan for retirement and your later years, consider the potential need for long-term care insurance. Long-term care insurance provides coverage for services such as nursing home care, assisted living facilities, and in-home health care support, which can be costly and quickly deplete your savings. By securing long-term care insurance, you can protect your assets and ensure you receive the care you need without compromising your financial security in retirement.

Learn all about the different insurance types available.

Insurance is a powerful tool for mitigating risks and protecting your assets, loved ones, and financial future.

By carefully assessing your insurance needs and selecting the right coverages, you can safeguard yourself against unforeseen hardships and losses.

Remember, it’s not about having a lot of insurance—it’s about having the right insurance and the right amount to meet your specific needs and protect what matters most.

Jason Vitug

Jason Vitug is a bestselling author, entrepreneur, and founder of phroogal.com and thesmilelifestyle.com. His purpose to help others live their best lives through experiential and purposeful living. Jason is also a certified yoga teacher and breathwork specialist and has traveled to over 40 countries.

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