The Financial Independence Blog

Protect Your Family Financially

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What are some steps you can take to protect your family financially should you decide to stay home to raise your children?

It is most important to have a risk management plan in place to help protect or minimize financial damage in the event of a crisis. It’s important to protect the income of the sole breadwinner, especially if there is only one working partner. Many group employer benefit plans offer short and long-term disability; it is important to take advantage of this coverage.

  • The primary breadwinner should also have a life insurance policy on his or her life with the other parent as the beneficiary.
  • Pay yourself first!
  • Invest in yourself through education and sharpening your skill set by attending online classes when you are able