Life Insurance-analyzed by the following 4 questions:
1. How much coverage do I have?
2. How much coverage does my family need?
3. Did you use a reliable long term
calculator or just a "guestimate"?
4. What type(s) of policy(s) do you need?
Disabilty Insurance
Did you know that a person is 7
times more likely to become disabled that to suffer a pre-mature death? This might cause one to think that disability
insurance would be more important than life insurance, yet based on my experience, people are significantly more hesitant
to manage this risk than that of an early demise.
In a recent article from the Social Security Department, over
40% of people who retire early (before age 65) is due to disability and the inability to work.
Long Term Care Insurance
The going rate for nuring
home care in the mid-west is approximately $150 a day, however in a recent Medicare article, only 5% of those people in nursing
homes are covered by Medicare. The other 95% are either smart and planned in advance by getting long term care insurance,
or have had to spend down virtually every dime they saved to qualify for Medicaid.
With many long term care policies,
there are tax-deductions availible for the premiums paid, and in some states, the policy will also provide some or total protection
of your assets. This allows you to qualify for Medicaid after your policy benefits are exhausted with out being subject
to the spend-down rules Medicaid imposes on those who do not plan for the future properly.
Home, Auto, and Umbrella Policy Review
Many people have little
idea how much liability coverage their policies provide and have not thought about how much coverage they need. With
Gunnell Retirement and Estate Planning LLC, you will get a review and, if needed, education on what your policy covers.
Based on my experience, most have insufficient coverage and are unaware how little extra proper coverage might cost.
I will work with your Property and Casualty Agent and advise you should any changes be needed to your coverages.
