People routinely insure their valuable assets, but many do not insure their ability to generate income. During your working years, your most valuable asset is often the ability to work and generate income.

The two main risks to being able to generate income are premature death and disability. You can insure yourself against the impact of these risks.

Life insurance can replace your income if you die too soon, while disability income insurance can replace income lost due to illness or accidental injuries that keeps you from working.

When planning for retirement, your most valuable asset may be the savings from which you will generate a lifetime of retirement income. But there are three significant risks to being able to generate that income:

• longevity risk (living too long)
• market uncertainty (market risk and fluctuations)
• an extended period of low interest rates such as we are currently experiencing

The impact of these three risks can be severe, and retirees can find themselves with a substantial income shortfall should their assets be exhausted too early in their retirement.

The good news, however, is that you can help protect yourself against the impact of these kinds of risks as well. Guaranteed lifetime income products (annuities) can provide this protection, and, like other types of insurance, they can also help provide peace of mind.

While goals and needs may change over your lifetime, income can be—and should be—protected at every step along the way.