Disability, major illness or injury, and death can create havoc and cause serious financial hardship—if you're not properly insured. Properly managing major life risks means having the right protection so a debilitating illness doesn't put an end to your income, a life-saving medical procedure can be performed without regard to cost, and your loved ones have money to live on when you're no longer here.

These catastrophes happen to every one of us ... sooner or later. If a major illness, disability, or death happens while you're still working, lack of protection—and even the wrong protection—can mean a lifetime of savings lost. If all your money is lost, what will happen to your life or the lives of others who depend on you?

Investing for your financial future is essential before you start investing money for your retirement or your child's education. The building blocks in a strong financial foundation consist of having three to six months of living expenses in an emergency fund, minimal consumer debt, and adequate insurance protection (life, disability, health, property, liability). Having enough—and the right type—of insurance significantly reduces your risk of a future financial emergency turning into a financial catastrophe.

This section will focus on the kinds of insurance that reduce or eliminate the risk of catastrophic financial loss as a result of illness or injury, disability, and death.