While you may think you’re doing the right thing if you name your special-needs child (or grandchild, sibling, etc.) as the beneficiary of your life insurance, you may be doing the wrong thing. Here’s why. Under current federal law, an individual with more than $2,000 in assets is disqualified from most needs-based government benefits. State […]
Knowing when you need life insurance and how much of it is personal, because everyone’s situation is unique. That’s why the advice in the USA Today article “Knowing When You Need Life Insurance” is shocking. In the article, Cary Guffey, CFP and financial adviser at PNC, says that from ages 35 to 55 your “need […]
October is Organize Your Medical Information Month, the month to get all your medical information and related paperwork together in one, easy-to-find location. Why is this important? Imagine this scenario: There’s been an accident and you’re unconscious and on the way to the hospital. You can’t provide the medical team with information about your health […]
Most people think of life insurance only when they want to protect their family and provide a source of replacement income in the event of their death. They don’t think of it as a buffer to replace lost assets due to market volatility—for example, the market crashes and you die before you have the time to rebuild or replace the lost assets.
Insurance is meant to protect your family against possible future risks. Nobody is going to sell you life insurance when you are in an ambulance or lying in a hospital bed. That’s why it’s important to have the right coverage in place against foreseeable risks. By all means, if one of these trigger events happens to you, re-evaluate your life insurance coverage. But better yet, reassess your needs every two years just to be on the safe side.