Lawanwadee

O, The Oprah Magazine Financial advisor Ric Edelman says that the major financial risks everyone faces are injury, illness and death. Here’s how to avoid making risky benefit choices that could devastate your pocketbook.

Be on the Best Plan
Determine which family member has the best health benefits package, and make sure the entire family is on his or her plan.

Have Enough Coverage
One of the biggest problems with health and life insurance is that many are not prepared enough. If there is a sole breadwinner, that person should increase their life insurance as much as possible. Ask yourself this difficult question: If you, the breadwinner of the family, should die, who would take care of the family? That person must be covered as well.

Set Up a Will—Now
There is no better way to ensure your family’s financial security in the event of tragedy. Ric says, “Who is going to raise your kids? Who gets your stuff? If you haven’t written your will, the state government has one for you. You won’t like what it says.”

From the show How Safe Are Your Investments?