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Choice Map: Step #4 (Protect)

September 4, 2023


Just as important as building a strong financial profile is protecting it, and in many ways that can be even harder for members. “Protection” doesn’t mean “stale” though. Even while protecting your funds, you can still benefit from increased portfolio value and/or save money.

As the fourth and final step as part of Community Choice Credit Union’s Choice Map program, it is important to remember that protection refers to financial health that extends beyond investments, savings and checking accounts and other direct assets. The steps you take to protect your finances will look different from other members, depending on what is best for you.

Remember that our certified personal counselors are available to help you build and adhere to the right plan for you. As with any step in the Choice Map program, organization is key. You’ll need to know which types of protection you already have in place (think insurance) and the types you don’t have but may need (i.e., a living trust, automatic payments, a continuation plan if you own a small business, etc.).  

The path to protection begins with three recommendations:

  • Consolidate your home and auto insurance
  • Purchase term life insurance to cover debt and replace future income
  • Create a legacy plan and consider a will and trust strategy

Remember to create goals with the ways that you protect your finances as well. More information and tips are available on our Protect page.

If you haven’t read all of our Choice Map blogs, we would encourage you to come back and read the preceding four articles.