When creating your financial plan, it helps to think of your plan like building a pyramid. Before you begin building wealth, you should consider starting with a solid foundation of insurance to help protect yourself from life’s pitfalls. Once you’re adequately protected, you can begin to build your plan upward with savings and investments.
The high cost of medical care – especially medical emergencies – is well known. Without insurance or adequate assets, it’s easy to find yourself with an enormous amount of medical debt.
Health insurance is so important because it helps:
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 cover these costs, and should be considered.
If an interruption in your earnings would cause financial harm to you or your dependents, you need to have it adequately covered.
Homeowner and renter policies help 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.
Automobile, boat, motorcycle and recreational vehicle insurance helps protect 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.
It's generally a good idea to review how well your coverage meets your needs once a year.
|If you have a change in...||Make sure you have adequate|
|Income, or your income needs change||Life and disability insurance|
|Your number of dependents, such as the arrival of a child or the support of elderly parents||Life and disability insurance|
|Marital status||Life, medical, automobile, homeowners, long-term care insurance|
|Real estate holdings||Property and excess liability ("umbrella") insurance|
|Valuables bought or sold (e.g., antiques, art, china, musical instruments)||Homeowner's coverage|
|Employment status||Life, medical, disability or long-term care insurance|
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.
Life insurance products issued by TIAA-CREF Life Insurance Co., New York, NY.
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TIAA-CREF Life Insurance Company is domiciled in New York, NY with its principal place of business in New York, NY. Its California Certificate of Authority number is 6992.
We understand life happens. Choose from among eight common and not-so-common Life Events in the main Advice & Guidance menu to find helpful articles.
We can help you be prepared for emergencies with life insurance.