Insurance You May Need

 

It's hard enough to make ends meet these days.  And the challenging task of collecting on an insurance policy is so darn time consuming.  While insurers have a duty to pay legitimate claims, they are not in the business to payout money.  But, the minute you do not have the necessary insurance, You need it!  You already know about Health, Life, Home & Auto Insurance. But, there are other policies that you may need for proper Adulting. Here are others to consider:

Long-Term Care Insurance

With the average cost for a single day in a nursing home now hovering at about $200—an expense usually not covered by health insurance or Medicaid. Even a short-term stay could obliterate an average family’s finances. Long-term care (LTC) insurance is designed to pay for nursing-home care, or perhaps a home-health aide, should you find yourself in need.

Do you need it?  LTC insurance is a wonderful thing to have, but you must weigh the benefits against their high cost. The best candidates tend to be in their 50s and have enough money to pay the premiums. “Saving for retirement should come first, and LTC insurance after that,” according to many financial planners.

How much is enough?  Purchased at age 55, a plan that would pay $150 a day, inflation-adjusted, for up to three years of care might run you $1,100 or more in premiums for a year.  Purchased at age 65, that same plan might cost $3,000 or so a year. Given these prices, you don’t want to buy more than you need.  Factor in other potential sources of income such as Social Security, pension, and investment income in determining your need.  For Caribbean people in particular, who often see caring for their elders as a natural part of family life, should pay special attention to  home-care reimbursements.  And if you think that you may want to retire out of the USA you should look for a  “cash” or “cash-based” policy.

 

Umbrella Insurance

It’s called umbrella insurance because it covers the kind of litigious rain that may soak you despite the protection afforded by your homeowners and auto policies. We’re talking about comprehensive personal liability insurance.  Say. . . you’re sued for slander or defamation of character. Or you accidentally plow your car into a shiny limousine and find that your auto policy just won’t cover the enormous damages! Your Umbrella insurance would supplement your other policies and kicks in only when their limits are exhausted.  It isn’t terribly expensive, about $250 a year for a million dollars of added coverage. This would be a great idea for anyone with substantial unprotected assets.  Generally $1 million is the minimum coverage for an umbrella policy. But if you’re very rich and very nervous, you can get coverage of many millions. Just know that Umbrella insurance will not cover professional liability, only personal.

Cancer & Heart Disease/Stroke Insurance

Yes,  you can buy Cancer Insurance. You can buy heart disease/stroke insurance, too.  But, they may not be available in your State. There’s nothing wrong with such plans, but be aware of their limitations, says Leonor McCall-Rodriguez, president of One Voice Insurance Services in California. “These plans generally pay you a certain chunk of cash, up to thousands of dollars, should you be diagnosed with a specific disease and need treatment. They are not health insurance and can’t take the place of comprehensive coverage,” she says.  Such policies never cover pre-existing cancer or heart disease. And some policies will deny coverage if you are later found to have had the disease at the time of purchase - even if you weren’t aware that you had it. Premiums will vary according to your age, state, health history, and whether or not you smoke.

Travel Insurance

We’ve all heard about canceled flights and lost baggage, but most of us don’t automatically think “do we have insurance and are we covered?” Travel Insurance helps protect you from certain kinds of unexpected events that can occur before or during your trip. The coverage that most people are aware of is trip cancellation, which provides reimbursement for unused, non-refundable, prepaid trip costs if you need to cancel. But your reason has to be covered by the policy. Similarly, with coverage for trip interruption you can recoup trip costs if you can’t continue your trip due to a covered event, and many plans provide reimbursement for additional transportation costs to return home or rejoin your group.

Renters Insurance

If you rent and have household goods and furnishings of value,  you should buy this Insurance.  Renters often don’t think about insurance - until it’s too late. A survey by Allstate Insurance found that 60 percent of renters don’t have it, even though the U.S. Department of Justice reports that renters are statistically more likely to be robbed than homeowners. Should your rented home be burglarized or catch fire, your landlord’s insurance won’t do you a lick of good. Renters insurance will. It also can provide liability protection should someone be injured while visiting.

How much is enough? The home or apartment’s value isn’t important to the renter; its contents are.  So you’ll need a good tally of your belongings’ value and of your financial exposure should you get sued. Renters insurance generally covers each valuable up to a certain point. If you own items such as expensive jewelry, furs, or a rare coin collection, you may need to purchase a rider.

Please Note:-  I'm NOT giving any insurance advice nor selling any insurance policies here. You should always consult with an Insurance professional, to determine what insurance plans and/or investments are appropriate for you & your Family.  And. . . Enjoy Your Life!

** Thanks for Visiting. This post is ForYourEdutainment (FYE). I am not a Financial Counselor, just a woman on this life journey.  If  you like it, please leave a comment & Share, Share, Share.  Don’t forget to follow me on Bloglovin  for new post updates, and on Pinterest. **