It is a common belief that ones ability to earn an income is the most valuable asset we possess. The loss of that income could have a devastating impact on any family, sometimes having long lasting effects.

Consider the story of Jim and Carole who had just recently moved into a beautiful home in New Jersey. Jim was a successful sales rep for a pharmaceuticals company and in just two short years had reached the level of production comparable to a seasoned rep of many years. Carole had just left her corporate level position to become a full time stay-at-home mom to their new-born son along with their two other children who were three and five. They anticipated that Jim’s position would require that they maintain enough savings to cover their expenses for a short period of time in the event Jim’s earnings took some time to ramp up. Then Jim’s life was tragically cut short in an accident on his way to a sales call. The money they had in savings was dramatically depleted as Carole was left to make prompt decisions on final expense matters she was not prepared to make. Not only was Carole left scrambling to meet the family’s basic expenses, but their children’s educational funding was also halted.

A death or disability in a family can cause tremendous financial set-backs that can seem insurmountable. Not to mention the abrupt lifestyle changes families must face.

Although this particular case is a dramatization, this is absolutely a very realistic scenario. One that may have been experienced by someone close to you. However, steps can be taken to manage and minimize the risks in our everyday life. To start, a properly designed asset protection plan which may involve life, disability and long-term care insurance can be structured according to each family’s individual needs and goals.

Sitting down with a North Wealth Insurance representative to help you uncover opportunities to properly manage risks and produce an asset protection plan will make a world of difference for you and your family.

Take control of your life. Learn the basics. Contact a NWIA Advisor for additional information.