2017 has already delivered an onslaught of natural disasters to the U.S. and the world than most of us can remember. The immediate cost in lives, property, and physical and emotional strain has been devastating. And while the financial burden of recovery is hitting many families hard, clearly some people were more prepared than others. If there is a lesson to learn from recent events, it’s that disaster preparation is critical.
As a financial advisor, ensuring your clients have taken the necessary steps to prepare for disasters is often overlooked. By adding disaster preparation to your planning to-do list, you can help every client be more physically and financially prepared for the unexpected. Urge your clients take important steps right away and include the following guidelines in your quarterly newsletter or in a special alert. No matter where your clients live or what disasters are most likely in their part of the country, your support has the potential to make a significant difference—perhaps even saving a life.
Now is the time to prepare for the unexpected.
Financial emergencies aren’t the only disasters that have the potential to wreak havoc on your family. Hurricanes. Floods. Earthquakes. Fires. Lately, it seems there’s news of new devastation every day. Even if a natural disaster has yet to affect your own life, some basic preparation today can have a significant impact on your ability to recover from the worst, both physically and financially. Please use this guide to help establish an emergency plan today and help build a safer, more secure tomorrow—no matter what nature throws your way.
Gather the basics.
A well-stocked and maintained emergency kit is vital to ensure you have the basic necessities of life in case a disaster interrupts basic services. Be sure you have enough to care for every member of your family, including your pets, for at least one week, and check expiration dates regularly (put a reminder on your calendar!). For a complete list of what to include in emergency kits for your home and car, visit the Build a Kit guide at ready.gov.
Protect what’s important
If you haven’t recently assessed your insurance needs, it’s time to schedule a review.
Create a family emergency plan.
Planning before an emergency occurs is the key to protecting your family during and after a crisis. Begin by outlining specific steps to take in a variety of circumstances. What should each person do if a fire breaks out, the earth starts shaking, or a storm strikes? Be sure every family member—even young children—understands what action to take, including where to go immediately to stay as safe as possible. Make these steps part of your plan:
Safeguard your financial house.
Putting your financial house in order before disaster strikes can help you quickly restore normalcy in the days, weeks, and months afterwards.
While some emergencies can be anticipated, not all disasters are kind enough to provide warning.
By taking the time today to gather the basics, ensure appropriate insurance coverage, and create a thorough emergency plan, you and your family will be as prepared as you can be for whatever comes your way.
Click here to learn more about IndexIQ.Disclosure: The information and opinions herein are for general information use only. The opinions reflect those of the writers but not necessarily those of New York Life Investment Management LLC (NYLIM). NYLIM does not guarantee their accuracy or completeness, nor does New York Life Investment Management LLC assume any liability for any loss that may result from the reliance by any person upon any such information or opinions. Such information and opinions are subject to change without notice and are not intended as an offer or solicitation with respect to the purchase or sale of any security or as personalized investment advice.