The Right "Papers"- at the Right Time - Can Protect Your Family

To protect your family you need the right "paperwork".This involves papers from your working life and retirement.

During working life your income is your most valuable asset, so you need to have appropriate insurance and protection policies in place. For modest premiums you can purchase a surprising amount of term insurance, which covers a specified number of years.

Most term insurance policies pay cash only after death. If you do not die before your policy expires you get nothing back from the premiums you paid. On the other hand if you get "permanent insurance" such as whole life, universal life or variable universal life, your premiums pay both a death benefit and an investment component.

You may also need a disability insurance policy. Employer initiated plans generally do not pay till after age 65. Look for supplemental private disability insurance.

To protect your family after retirement you will want to leave a legacy. For this you need estate planning. As this can be complex, use an attorney. You need a Will and a Living Trust. This allows the assets to pass directly to the beneficiaries, and also gives you more precize control of how and when you want the assets distributed.