« back to Family Life

Protecting your family 101

Protecting your family 101

January 22, 2014

Life is full of uncertainties, but they shouldn’t keep you awake at night. These days, there are plenty of protection plans that can safeguard your loves ones and give you peace of mind. Here’s a breakdown of the different types of insurance that can help protect you and your family from the unexpected.

Life insurance. 

Losing a loved one is a traumatic experience. Unfortunately, for many people, grieving the passing of a family member is often exacerbated by concerns over meeting financial obligations, adjusting to a new income level and covering funeral and medical expenses. 
Life insurance can provide the protection and security your family needs should something happen to you. Your beneficiaries can use the policy proceeds for anything from covering funeral expenses, to paying off outstanding debts and loans, to replacing your income in order to maintain their standard of living.

Home insurance. 

Purchasing a home is one of life’s greatest milestones but it’s also an investment that carries huge responsibilities. Home insurance can protect you, your family and your home from the financial costs of fire, water damage, theft and other types of property damage. Rather than worry about bad things happening, and whether or not you have the funds to remedy them, home owner insurance can alleviate some of the stress and create a financial cushion. 

Auto insurance. 

There’s more to driving a vehicle than gas payments and monthly maintenance costs. If you’re involved in an accident, expenses can skyrocket. The smartest way to protect your investment is with auto insurance. Although policies may vary, the key coverage areas you should look for include repairs, rental replacement and theft. 

Creditor insurance.

Credit cards, a line of credit, a mortgage – there are countless ways in which credit can help us meet our financial goals. But what if a illness, disability or the passing away of a loved one prevents your family from meeting debt obligations? That’s where creditor protection comes in. With creditor protection, debt can be paid in full or payments can be maintained in the event of unforeseen events. More than simply peace of mind, it’s coverage that can provide financial stability for you and your entire family, as well protect your credit rating. 

Travel insurance.

An emergency is the last thing families have in mind when planning to go away. But these events happen, and they can take a huge financial toll. Travel insurance can help minimize the impact by reducing the financial burden of expensive health care services, covering baggage loss, even offering trip cancellation coverage.