Forward Bank

In today's "gig economy," the need for young adults to consider life and disability insurance has never been more evident. According to the Social Security Administration, for someone who is 20 years old today, the odds are one in four that disability will strike by age 67. Young adults should start planning now for that possibility.

Younger parents (those in their 20s and 30s) are especially in need of sound financial planning. This planning includes the need for life insurance and disability insurance. Several scenarios make this need for sound planning a top priority.

For young parents, the inability to work or premature death of either parent can result in a burden on older generations, who may not be financially or emotionally prepared to raise or support their grandkids. Once a couple has children, one parent may decide to stay home with the kids. When this happens, the group health and disability of the homebound parent disappears, making reliance on the working spouse's insurance perhaps too high. Additionally, many of today's companies are scaling back group benefits. A separate life insurance or disability policy can help ensure debt does not burden the family if the working spouse becomes disabled.

To remain prepared, make it a habit to meet with an experienced life insurance agent after any work status change to analyze what might be missing from your insurance portfolio as a result of those changes. Keep in mind, the younger a person is when buying disability or life insurance, the lower the premiums. Buying when young helps lock in much more favorable rates.

If you are a grandparent, it’s essential to talk with your children now about the need for life and disability insurance. This talk will ensure that the savings you depend on for a comfortable retirement will not be eaten away by the care of your grandchildren if something happens to your child.

Many families balk at discussing finances. These conversations can be difficult, but it costs nothing for you to meet with us and go over what's best for you. We will help ensure that you have the rounded insurance coverage you need to protect your family.