Insurance Matters – What Women Need to Know Now
The role of women has certainly changed in the past 50 years. Today, women hold top executive positions, fight in Iraq and run for President. We rely on women to make the toughest decisions, from managing profits and losses at multi-national companies to selecting the very best schools for their children.
“With so many of us depending on women, one would think they would have insurance policies in place to protect themselves, their income and their families,” says Frank N. Darras, the nation’s leading disability and long term care insurance lawyer.
According to Darras, carving out the time to compare the features, advantages and benefits of the right insurance often gets placed on the back burner. See http://www.darrasnews.com/.
Insurance protects lifestyle, stature and the staples in life when purchased wisely, but it takes careful thought and preparation. Determine what you need and how much is really enough.
Darras suggests: LIFE INSURANCE
- Leaves our loved ones financially secure, in the event of a tragedy
- May not be necessary if no one depends on you for income, financial support and you have enough money for burial and funeral expenses
- Have a reliable second party listed on your policy so they can be notified if you miss paying a premium
- Make sure you have ‘waiver of premium” DISABILITY INSURANCE
- Get disability coverage when you’re young
- Consider “own occupation” policies
- Beware clauses limiting coverage to 24 months, after that, requirements change and you could be denied coverage
- Understand the ‘limitation on benefits’ Group disability coverage from work does not protect you and it’s taxable LONG-TERM CARE
- If you are under 59, you are too young to shop for long-term care.
- If you are older, understand what services long-term care policies cover and who provides the care
- Make sure the policy allows for care: in your home, by a family member or friend, in the home of a family member, in an adult care service facility, in an assisted living facility, a hospice facility or in a nursing home
- Understand the terms: custodial, intermediate and skilled care
Darras says, “Never buy from a company you don’t recognize! Paying really cheap premiums to a company that won’t be in business in 20 years can be devastating.”