1. Life Insurance is not needed if you are young, single and no one depends on you for financial or income support. Also, if you have enough money for burial and funeral expenses, you don’t need any life insurance policy.
2. Life Insurance is a must if you have a family and those life insurance premium payments will only bring you peace of mind and security knowing that you are your loved ones are financially secured.
3. You should get Disability Insurance at an early age because you are young and you have no adverse health history to report and you can lock in the rates at early stage. Decide how much individual coverage you can afford and to save a few bucks on the premium extend your waiting period before benefits kick in from 90 to 180 days. Always obtain the longest benefit period possible that protects you in your “own occupation”. Look very closely at policies that only protect “your own occupation” for 24 months then require you be disabled from every occupation based on your training, education and experience. “Most importantly, take a hard look at the ‘limitation on benefits’ section,” says Darras. “Many carriers limit mental/nervous claims to 24 months, offer no benefits for pregnancy and cap self-reported claims like chronic fatigue syndrome, headaches and fibromyalgia to 12 months.” — Don’t be fooled into believing the group disability coverage from work is going to protect you. It’s taxable, the benefits offset dollar for dollar. Look closely at your group policies; they are nothing to depend on.
4. LONG-TERM CARE — “Understand what services the long-term care policies cover and who can provide the care”. “Find a good, reliable, claims paying insurer and research the Company’s commitment to Long-term care. Check the overall financial strength and size of the Company and ask how many times they have increased their rates in the last ten years. — If you need long-term care, ask if you can have the care provided: 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 policy terms custodial, intermediate and skilled care and consider which type you may need and how soon”. — Never buy from a company you don’t recognize. What good is a policy with really cheap premiums from a company that won’t be in business 20 years from now?
For more information see http://www.sbd-law.com/ or call 800-458-4577.