2020 Has Brought Many Unexpected Events

I’m fairly certain 2020 will be a year we will not soon forget. Between the pandemic, economic shutdowns, the financial market roller coaster, protests, and then rioters destroying businesses across the country, 2020 has certainly kept us on our toes. And we’re only six months through the year. We’ve been thrown one curveball after another, and this year has demonstrated just how important it is to ensure that you, your family, your assets, and your income are fully protected.

In the past few months, deaths related to COVID-19 have been on the rise. Over the same time period, I have personally known four young families who have lost a loved one, and in each case, it was completely unrelated to COVID, and it happened suddenly in all, but one instance. Each of these families lost somebody who was only in their 40’s, far too young to be leaving this earth.

Review Your Insurance Coverage

Because we just do not know what tomorrow holds, we want you to be prepared for whatever life throws at you. In order to protect your loved ones and your assets you’ve worked so hard to accumulate, we strongly encourage you to review all of your insurance policies to ensure you have adequate coverage in place.

If someone is dependent on your income, then you will want to make sure you have a life insurance policy in place at a sufficient coverage level.

In the same vein, you want to make sure your paycheck is protected should you be faced with a sudden illness or injury that prevents you from working for a period of time. This is called disability insurance.

As people age, they tend to reach a point where they can’t do activities of daily living without some assistance. Having a long-term care insurance policy in place can help offset the cost of a caretaker or a nursing home.

Lastly, you want to make sure that your property and the assets are protected by securing adequate property and casualty insurance along with excess liability coverage.

A Fee-Only Financial Advisor from Chicago Can Help

Many professionals have every aspect of their lives planned out except for their financial lives. For the last 10 years, Cogent Strategic Wealth has been helping busy thriving professionals make sense of their financial plans. Together, we manage all of the many aspects that go into achieving your financial goals, including recommendations on various types of insurance policies and independent agents.

Don’t risk your financial future blowing up due to the unthinkable happening, and don’t manage your financial future alone. Give us a call today to book your Cogent conversation.

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