Long term care insurance is a particularly important type of insurance. This type of policy is meant to provide for your personal care and wellness when you reach an age or health condition where you need assistance with the basic functions of living.
An umbrella insurance policy, sometimes known as excess liability, is additional personal liability coverage that supplements auto and homeowner insurance liability coverage and protects you from a wide variety of risks. Umbrella policies have been historically purchased by wealthy individuals with substantial assets to protect, but anyone with assets and a decent income can benefit from the extra coverage.
If you are getting close to retirement, do you need life insurance protection? Life insurance is designed to replace an income for someone who is no longer able to earn it, so if you are closing in on retirement or at retirement, the need for insurance may drop. But that is not always the case. Listen to part 1 of the discussion Listen to part 2 of the discussion
Is 20 times your annual income is a good starting point and is this the right number? Any rule of thumb as it relates financial planning is dangerous. Especially when it comes to life insurance, the strategy about how much life insurance do you need is individual specific. You need to decide what you would like to see happen if something should happen to you and then decide. Some people want to pay off all the debts and leave the spouse debt free. Others that is not enough. Since it is a dramatic family event, the remaining parent may need to stay home and not work while adjusting to the situation, so that also may need to be taken into […]
Long term care insurance costs have gone up substantially in two years – why? There has been a huge increase in the cost in these policies, not just because of the function of age, but also because the LTC companies have underestimated morbidity costs. Some companies have stopped underwriting new LTC policies. Do you recommend long term care insurance to your clients? People start to look into long term care insurance in their fifties but remember you will be paying for LTC insurance premiums for a long time. You need to run forecasts to see if you can afford it in your eighties and nineties. Make the decision on whether you are going to buy LTC insurance sooner rather than […]
If you are joining a new company, you will be faced with selecting your benefits. Should you own a personal life insurance policy as opposed as to joining a group life insurance policy offered through your company? Listen to the advice
Situation: Bought a term life insurance policy for 20 years and health is going downhill The policy will run out in 5 years but expect to live 10 years Unable to get another policy due to the health situation Is there anything I can do? Listen to the discussion and advice
Is there any real difference other than price as it relates to homeowners insurance? Financial stability, pay claims but asside from the usual, there are differences in homeowners insurance contracts as it relates to what they pay out in the event of a loss. Some will only pay up to the amount of the insurance you purchased. Others will pay whatever it takes to replace your house no matter how much you bought. Learn about what your insurance policy is covering before you have a claim. Listen to the discussion
Listeners had a couple of interesting insurance questions. If your parent of in-laws come to live with you, will your homeowners insurance policy cover their belongings? If a teenager gets into a car accident, can your insurance company cancel your umbrella policy? Listen to the answers
A question came in from a listener regarding homeowners insurance. He stated that after 20 years without filing a claim, he filed one for $3500 which the insurance company paid, but now they want to cancel the homeowner policy. Is this common? Listen to the discussion