K
C
M
Y
The Citizen. Auburn, New York
Secure Your Future
Wednesday, January 31, 2007
3
You're young, just married and
dreaming big. First child. First home.
Young families have much to plan for.
Planning for financial security should
be high on your to-do lists.
And when planning for a financial-
ly secure future, you should begin with
your needs, including:
· You need to be sure
your loved ones will be
taken care of.
· You need to protect
your income.
· You need to save for
your children's education.
· You need to build
wealth for your retirement.
"Three key types of
insurance offer the finan-
cial protection young fami-
lies need," said Mutual of
Omaha Vice President
Andy Hutchison. "Life, dis-
ability and critical illness
insurance can be combined to deliver
comprehensive coverage for whatever
life brings."
Life insurance can be whole, univer-
sal, variable or term. Whole life builds
savings and provides a death benefit.
Universal life pays a death benefit and
builds savings tied to interest rate
changes. Variable life is investment-
oriented, varying in both cost and ben-
efit according to how the policy's
investments perform. Term life, which
is the least expensive life insurance for
the young, has no savings component
and provides protection for a specified
period of time.
Disability insurance is the only kind
of insurance that provides protection
for your income. If you became unable
to work because of sickness or injury,
how would you pay your bills?
Disability insurance provides a bridge
over times of trouble. This insurance
can be designed to cover a significant
portion of your monthly income (gen-
erally 60 percent) and benefits can be
timed to begin according to need.
Disability policies also can continue to
pay benefits during rehabilitation, job
retraining and part-time employment.
Critical illness insurance pays a cash
benefit to a policyholder diagnosed
with one of several covered illnesses,
such as cancer, heart attack or stroke.
There's no waiting period and - unlike
traditional health insurance - a critical
illness policy pays directly to the
insured. It's money you can use any way
you want, right when you need it most.
Mutual of Omaha's Hutchison said
young families should periodically re-
evaluate their insurance protection as
their responsibilities change over time.
"Choose a financially strong insur-
ance company and an insurance sales
professional who is committed to help-
ing you make your dreams come true,"
he advised. "The ultimate value of any
policy depends on the company and
the people behind it."
For more information, visit
www.mutualofomaha.com.
Courtesy of ARA Content
Financial Planning for Young Families: Start Now
