Insurance And Your Financial Plan

Planning for the Future

A comprehensive insurance program can help you meet your financial and lifestyle goals, even if you experience some bumps in the road.  In developing a program, it's important that you safeguard all of your important assets — including yourself.

Your Health and Lifestyle

The high cost of medical care is well known. If your medical insurance is not covered by your employer, check with your state insurance department for a list of companies that offer private health insurance.

Life expectancy is increasing, but impairments resulting from chronic diseases such as diabetes or Alzheimer's may require long-term care. The cost of long-term care can be a major threat to your family's assets, quality of life and financial security. Long-term care insurance is designed to help defray these costs, and should be considered as you near retirement.

Help Protect Your Largest Asset — Your Earnings

Is your largest asset — your anticipated future earnings — properly insured? If an interruption in your earnings would cause financial harm to you or your dependents, you need to have it adequately covered.

  • Life insurance provides a tax-free lump sum of money for your survivors in the event of your death. The appropriate amount of insurance depends on your needs and personal circumstances.
  • Disability insurance provides a monthly income in the event that you are unable to work for an extended period of time due to sickness or injury. Check with your employer or your state's insurance department for additional information.

In addition to safeguarding your income in case you are no longer able to provide for yourself and/or your family, you will also need to protect against any loss or damage to your property.

Your Home

Homeowner and renter policies protect your home and its contents. The liability coverage for any property you own or rent — primary residence, vacation home or investment property — is designed to provide funds in the event you are sued for an accident connected with the property. Some natural disasters, such as floods and earthquakes, may not be covered. Check with your state insurance department for coverage against these or any other events that are not covered by your basic homeowners insurance policy.

Your Vehicles

Automobile, boat, motorcycle and recreational vehicle insurance protects you from financial loss if the vehicle is damaged or stolen, in addition to providing liability coverage if you are sued in connection with an accident.

Additional Resources

Insurance offerings, features and regulations vary from state to state. For additional information about all types of insurance, check with the state insurance department where your live.

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© 2013 and prior years, Teachers Insurance and Annuity Association - College Retirement Equities Fund (TIAA-CREF), New York, NY 10017