Growing families have a way of outgrowing everything, especially their incomes. Having the right types of financial insurance and proper estate planning helps to relieve you of concerns associated with such a reality while knowing that you have taken the necessary steps to protect your family's financial independence.
Consider these five ways of doing so:
1. Purchase long-term care insurance (LTCi) Long-term care Insurance is available to cover a person with chronic disease or disability and relieves the family of the burden of providing for this individual's care.
This type of policy covers the possibility of you not being able to perform at least two activities of daily living, without assistance, with the expectations that it will last at least 90 days.
It includes a wide range of healthcare and social services such as day care, custodial care, home health care, hospice care, intermediate care, respite care, and skilled nursing care. LTCi does not include hospital care.
2. Maintain appropriate levels of life, auto, home, and health insurance benefits.
Life insurance is one of the most important products you must consider obtaining in order to provide financial security for your loved ones.
Auto accidents can cause financial and economic havoc to you and your family. Besides, in most states it's legally required.
Homeowners insurance is a necessity for both homeowners and renters if you want to ensure that your possession are protected in case of a fire, theft, liability, or any other disaster.
If you have ever been sick or injured, you know that it is important to have the right type of health insurance
3. Evaluate the need for an umbrella policy to help protect you from lawsuits. A serious personal liability lawsuit can reach catastrophic levels for the party defending the law suit as the judgment may potentially exceed the insurance policy liability limits.
Once the liability limits are exhausted, the insured is often forced to pay a substantial amount out-of-pocket. Depending on your occupation and situation, you may require increased protection against catastrophic lawsuits.
4. Make sure your estate planning is up to date. The field of estate planning is a very complicated. It requires a focus on wills, taxes, law, and life insurance.
A key factor in the estate planning process is an ongoing analysis of need and objectives with emphasis on the changing needs of your beneficiaries and what the property is, was, and will be a part of your estate.
The politicians may change the state laws at any time which makes it imperative to keep abreast of any new legalities.
5. Work closely with a qualified financial professional. It is important to work closely with a qualified financial professional. Seek out someone who you can trust; who will tell you the objective truth; and, who actually cares about doing his job well without putting financial remuneration first.
Will Barnes, Business-Financial Consultant, for over thirty-eight years has helped individuals and families make sound decisions in the areas of protecting one's family and business, planning for the children's education and a secure retirement, and pursuing intelligent home buying. Visit http://www.financialstakes.blogspot.com to get a free, no obligation health insurance quote for you and your family and read more related articles. While there subscribe to the Monthly Turbocharged Free Newsletter to get up to date financial decision-making information.