Long Term Care Insurance

Long Term Care Insurance provides a benefit for your long-term care as you age. Long term care is the care you need when you cannot perform your activities of daily living (ADL’s). There are six ADLs associated with long term care. They are bathing, dressing, eating, transferring, toileting and continence. Usually, your long-term care insurance kicks in after you cannot perform two ADL’s or memory care issues.

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Disability Insurance

Do you need disability insurance? Would you want to protect your largest asset? If so, then I would say yes, you need disability insurance. Your largest asset during your working years is your ability to make money. According to the Council for Disability Awareness, more than one in four of today’s 20-year old’s will be out of work for at least a year due to a disability before they reach full retirement age. That is an alarming statistic.

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Life Insurance

Why do you need Life Insurance? Not everyone does need life insurance. You need to think about your current situation. For example, if you own a home with your spouse and you pass away tomorrow, would you want to make sure your spouse has enough money to not worry about the mortgage payment? What if you have kids—would you want to make sure there are some assets available for childcare while your spouse works in addition to having funds for the mortgage payment?

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