Financial Checklist Plan Part 3:
Insuring We're Properly Insured
The Financial Checklist Plan: Insurance Checklist
Insurance You Need
|
Insurance You Don't Need
Life Insurance that is not Term Insurance
Disease Care Insurance (Cancer, Heart Attack, etc) Private Mortgage Insurance Extended Warranties Water Line Coverage Credit Card Insurance Mortgage Life Insurance Accidental Death Insurance |
|
|
|
Long Term Care Insurance (for those over age 59):
Long Term Care Insurance covers your long term care if you should need to receive 24 hour care, such as provided by a nursing home. It is recommended that this insurance when we turn 59-60. While Long Term Care Insurance can be expensive to purchase, its cost is a drop in the bucket compared to what long term care can cost. Don't wait on buying this insurance or let your 60th birthday pass without purchasing this coverage. There is a 1 in 3 chance you will need long term care in your life and not having this insurance is a sure way to wipe out a lifetime of savings in a short amount of time (with this coverage). Even if you are under 59, consider asking your parents, grandparents and older friends if they have purchased this coverage. This insurance product is too expensive not to have when we turn 59-60.
Next, consider Identity Theft Insurance.
Long Term Care Insurance covers your long term care if you should need to receive 24 hour care, such as provided by a nursing home. It is recommended that this insurance when we turn 59-60. While Long Term Care Insurance can be expensive to purchase, its cost is a drop in the bucket compared to what long term care can cost. Don't wait on buying this insurance or let your 60th birthday pass without purchasing this coverage. There is a 1 in 3 chance you will need long term care in your life and not having this insurance is a sure way to wipe out a lifetime of savings in a short amount of time (with this coverage). Even if you are under 59, consider asking your parents, grandparents and older friends if they have purchased this coverage. This insurance product is too expensive not to have when we turn 59-60.
Next, consider Identity Theft Insurance.