Taking an assessment of what a family needs financially - including retirement savings, life insurance and more - is an important part of life, according to John Napolitano, CEO of U.S. Wealth Management in Massachusetts. Not looking at what is needed later in life is taking a chance he writes for Gatehouse News Service.
"Perhaps the first risk would be to your income. If you've received a pink slip or two in your life, you understand better than anyone the value of having some cash stashed aside as your rainy day fund," Napolitano said. "How large your rainy day fund should be depends, but somewhere between three and 12 months of living expenses is recommended for many. For those of us working now, what type of disability income protection insurance do you have?"
For life insurance, he said the most important factor is the amount of coverage a person or family needs, which he said is important to know. He also said the type of insurance is an important factor in figuring out needs for a family.