Protecting wealth is probably just as important as creating it. Insurance remains a crucial part of a well thought out wealth strategy.

Poor planning in just one of these areas could be detrimental to your long-term wealth. It will only take one catastrophe to put you in a world of financial hurt. However, the natural tendency is to try to skimp or even self-insure with various types of risk.

Don’t do it.

Make sure you have these insurance policies:

1. Disability
When I first began my career in financial services, I talked to clients about the benefits of long-term disability insurance. It was one of the hardest things to convince people to purchase. Why? First, it’s expensive. Why is it so expensive? Because there is a very high likelihood that you will use this policy. You will have an accident at some point and it will keep you from working. Second, it was an awareness thing. It’s hard to convince a perfectly healthy client that they need insurance for when they get hurt or sick. Maybe it’s just denial. Don’t do without this insurance.

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