Due to the weak economic climate, many financial experts are encouraging consumers to focus on smart financial planning in 2012 to avoid further burden to their assets or family members. Among the changes consumers can make to ensure financial security is tracking their finances and reviewing their life insurance policies.
The Chicago Sun-Times reported consumers should be more conscious of their daily spending, and should track their finances so they prevent creating debt. By establishing weekly budgets, consumers may find they have extra money available for activities, savings or other financial planning products.
The source also recommended consumers review their life insurance policies to make sure their benefits and coverage are in line with their current needs. As families grow, life insurance coverage should evolve to safeguard against unexpected occurrences that could lead to financial burden.
Similarly, the top insurance regulator in Kansas is strongly encouraging returning soldiers from Iraq to review their life insurance coverage in case any changes must be made. The Dodge Globe reported many veterans opt to supplement the life insurance coverage they receive from the U.S. Veterans Administration with private insurance. The life insurance policies should cover war-related deaths or deaths associated with noncommercial travel, as well as other incidents that could alter a family's financial stability.