BenefitsPRO: Is there anything one can do, especially during these uncertain times when any decision seems to have an extra large impact on the future?

Yes. To avoid any sleepless nights, here are four key steps to ensure you are financially prepared for your next life milestone.

1. Snapshot your finances: Before making any rash decisions, take a complete inventory of your finances, including assets, debts and interest rates; income; and expenses. Create a realistic monthly budget that outlines how much cash you'll need to cover your expenses. Also, you may want to also think about how your expenses might be changing based on how your work or personal situation has evolved this year.  Then, talk to your financial advisor for expert insight and advice.

2. Don't make rash decisions:  Unfortunately, I've heard plenty of stories from our clients about how COVID-19 has forced employees into taking early retirement.

If you're faced with such a scenario, take a moment to evaluate. Don't make drastic moves, especially regarding your finances.  For many, this might be right time to find your "Second Act" in retirement, pursue a different interest or hobby, or even a new job.

3. Safeguard your health care – against high costs: The COVID-19 pandemic may have just amplified the need for supplemental health insurance. In the past three months, millions have lost their jobs and their health insurance as a consequence.

Additionally, for many battling COVID-19, they may have realized gaps in their current health insurance. Many expenses like coinsurance, deductibles, transportation needs, child or eldercare, and non-prescription medicines and supplies can build up over time.  Supplemental health products, including a hospital indemnity product, can help cover some of those costs, and these should be a part of your retirement planning. Many supplemental products are portable, which means if an employee faces an unexpected retirement or is furloughed, that supplemental health remains with them wherever they go.

Additionally, consider a Return-on-Premium feature to make your health insurance program a potential savings vehicle should you never need to utilize the actual benefits. This could add additional income down the road at a later stage in life.

4. Provide and protect with life insurance: No matter what stage of life you are in, it's never too late to add life insurance to your financial retirement portfolio.  Consider a product with a living-benefits rider to help not just with cash-value or insurance coverage, but also for unforeseen critical conditions or illnesses where you could utilize a meaningful portion of the face amount of the life insurance contract to assist with medical needs. There are a lot of reasons to have life insurance, including helping with your retirement planning, with cash benefits, replacing lost income, funding college education, paying off debts, as well as and paying for final expenses.

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