How Much Life Insurance Should You Have?

What would happen to your family’s finances if your died today? Would they be able to pay the bills without your income? If you have someone who is depending in your income to eat, then you need life insurance. Life insurance is designed to protect your family in the event of an early death. We’re all going to die; the question is when. Since the purpose of life insurance is to provide for your family after you are gone, you need enough...

What is Long Term Care Insurance?

None of us want to think about a point in our lives where we will be unable to care for ourselves. The reality is, though, that many of us will reach that point at some time in our lives. If you don’t have long term care insurance, the cost of care can be prohibitively expensive. This leaves the burden on your family. If your family isn’t able to provide care, then you will be faced with selling everything you own to pay for care out of...

No LTC Insurance? The Cost Could Be Astronomical

In my last post I talked about the importance of having long term care insurance. Chances are, you’ll need some sort of assistance as you get older. If you don’t have family that is willing and able to help, the cost of care can quickly eat through your retirement savings. Depending on the type of care you need, your our of pocket costs could be anywhere from nothing to well over $100,000 per year. You may be fortunate in that you never need...

When Should You Get Long Term Care Insurance?

I’ve already talked about why you need LTC insurance. Even if you have a modest amount saved for retirement, you could quickly go bankrupt if you end up in a nursing facility. If you look at the statistics for end of life care, it’s startling. The average private nursing home room will set you back $74k per year. With most people staying 2 to 3 years, you’ll be out of pocket $200k or more. Fortunately, there is an insurance product...