You’ve worked hard to accumulate your wealth/assets - home, savings, investments and retirement future. The wisest thing to do is protect your wealth from financial loss. Here are a few suggestions for protecting your financial future.

First of all, your best bet is to seek out the advice of professionals. When setting up any financial protection plan, go to those who specialize in what you need – a financial advisor, attorney or insurance professional for example.

Secondly, it never hurts to know some basics about the services you’re seeking. Self-education can often save you time, energy and money and also give you the basic knowledge to ask well thought out questions.

With all that said, here are some basic ways to protect your assets/wealth:

Homeowners Insurance: This insurance covers your home and possessions. If someone injures his/herself while in your home, the personal liability coverage portion of the policy will protect you from loss. Renters, you should have renters insurance to cover your possessions.

Auto Insurance: Automobile liability insurance is required by state law to cover damage and/or injury to another person’s property caused by your automobile. You’ll also want to make sure you are insured for any physical damage done to your car.

Home Warranty Policies: This is a service contract you can buy to protect yourself, as the homeowner, from the costs of repairs and replacement on major appliances and systems. Usually these policies cover air conditioners, major appliances, etc. They are often included when buying a home but may also be purchased separately.

Health Insurance: More and more people are declaring bankruptcy because of overwhelming medical bills. There are so many companies with so many coverage plans available you really do need to do your homework.
Here are a few things to remember:
* Generally, medical insurance pays some but not all of you medical expenses.
* To keep your expenses down, it is probably best to take advantage of all the benefits offered by your employer’s medical plan. Remember, it will be coming out of your paycheck.
* Have an emergency savings account earmarked just for medical expenses.

Disability Insurance: Whether you are self-employed or work for someone else, disability insurance can make the difference between recovering with peace of mind or struggling to make ends meet. Disability insurance helps to pay for living expenses if you should become sick or unable to work for a long period of time.

Life Insurance: Basically, life insurance helps to provide you with the peace of mind that comes from knowing your loved ones will have some financial protection in the event of your death. There are many different types of life insurance so it's best to seek the advice of an expert.

Long-term Care Insurance: This is going to help with expenses should you need to go into a nursing home or long-term care facility. This is not medical insurance – this covers nursing home, assisted living and some in-home care.

This is a very general overview of a few ways to protect your wealth/assets. Of course, check with your financial advisor for more specific suggestions.

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Deciding to work with a financial advisor is an extremely important decision. Armed with this “how to” guide you’ll know what to expect, the right questions to ask and have real-world tips for working effectively with a financial advisor. Here's a direct link to Sharon's new EBook, Your Guide To Working With A Financial Advisor: Your Guide To Using A Financial Advisor

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