We are continuing our series: Securing your future. From planning, to insurance to investments, we’ve got you covered!
Today we are talking about Insurance planning.
Amy Jamrog is a Wealth Management Advisor for The Jamrog Group and she joins us with helpful advice.
Insurance planning: Why is it important?
If there is a gap, you should have insurance to fill it
Describe kinds of insurance
Have the right amount, and review your coverage annually
The 3 Important Types of Insurance: Life, Disability & Long Term Care
Life insurance: Do you need it? Do you have dependents who rely on you and do not have enough savings to support them if you were no longer in the picture? Then you probably need this type of coverage.
1. Term insurance vs. permanent insurance
2. How much coverage do I need?
3. What does it cost?
4. How do you apply?
Disability insurance is designed to replace your income if you are sick or injured and not able to work
Short-term vs long-term coverage
What is covered
Taxable versus not taxable
Long-term Care Insurance – pays for home care, assisted living and nursing home care.
§ Common misconception: Medicare and health insurance do NOT pay for these expenses.
§ Each state is different
§ Understand what’s covered and what isn’t
§ If you are middle aged: Ask your parents if they have this type of coverage.
§ If you are older: Talk to your children about your insurance and financial plan.