Catastrophe/Emergency Financial Planning

Preparing for an Emergency

How would your family financially handle a catastrophe – such as the death, disability, or incapacitation of a family member? You can either take personal responsibility for providing resources to deal with these issues or transfer some of the responsibility to an insurance company. The following are common types of insurance you may want to consider (this is not a comprehensive list of all the types of insurance coverage available):

1. Medical insurance. Typically helps cover the cost of medical care received from doctors and hospitals.
2. Life insurance. Provides a death benefit to beneficiaries if the insured passes away.
3. Disability insurance. May replace a portion of income if the insured is unable to work due to illness or injury.
4. Long-Term Care insurance. Is designed to help pay for services related to long-term care when an individual is unable to perform daily living activities independently.
5. Property & Casualty insurance. Generally covers losses related to property damage (such as home, car, or valuables).
6. Liability insurance. Helps provide protection in the event of legal claims or lawsuits.

There are many additional types of insurance depending on specific needs and situations. Consulting with a qualified professional can help you determine what coverage may be appropriate for your circumstances.

It is recommended that policy documents and related information be stored in an accessible place for easy reference in the event of an emergency.

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