The most basic answer is the same as with any sort of insurance policy. It depends on how "risk averse" you are, as economists would say. Some gamblers never buy insurance for anything. Some conservative people insure everything.
Long term care insurance is most popular among older people, especially the aging Baby Boomer generation. Elderly are the most likely to need it. However, the U.S. government estimates that 40% of the 13 million people receiving long term care are between 18 and 64. Part of the reason that number is so high is that it includes handicaps of all types. But an accident can happen to anyone.
Also, note that the sooner you get long term care insurance, the less it will cost. The premiums generally don't increase as you age.
From a financial planning perspective I encourage people to begin looking at LTC options no later than 40. The reason is two fold. First, the longer you wait, the more expensive the premium. Second, by starting early, I like to have my clients stop paying once they retire. If they start early, the premium is still affordable on a Ten Pay (pay for ten years and then have coverage for life) or Pay To 65 (pay from your start age until your 65th birthday and then have coverage for life). If you wait until you are 60 the costs are generally to high for a short pay plan so you end up paying high premiums well into your retirement which is an expense you don't need when your 80 years old.
I am certainly not an expert, but the financial counselor and talk show host Dave Ramsey recomments not getting coverage until age 60, at which point the statistics take a dramatic turn to the need for that insurance. Yes, you can get the policy cheaper at an earlier age, but the odds of needing it earlier are much lower. You can make up the difference in cost by taking the amount you would be making for insurance payments and invest it in at good growth stock mutual fund. Historically, the growth of those mutual funds, say from age 50 to 60, would be significantly higher than the amount you would have been putting out in premiums during that time. With the market like it is now this may not be true, but according to Dave, 100% of mutual funds have increased over any ten year period in history.
Common misunderstanding about insurance. In gambling a Risk is created that did not exist prior to placing a bet. Under insurance, a risk exists whether or not an insurance policy is purchased. For example, the uncertainty of one's home burning exists independent of the purchase of insurance; the purchase of insurance should not affect the probability of loss Common misunderstanding about insurance. In gambling a Risk is created that did not exist prior to placing a bet. Under insurance, a risk exists whether or not an insurance policy is purchased. For example, the uncertainty of one's home burning exists independent of the purchase of insurance; the purchase of insurance should not affect the probability of loss
Senior citizens may have the option of purchasing travel insurance at the time they purchase their tickets. Additionally, they should check to see if their life insurance policy or their homeowners policy offer any travel insurance benefits.
You should purchase liability insurance, yes. Some psychologists are covered by their employer, but it is always advisable to have a policy (1-3 million) of your own.
If a student is on their parents insurance they should stay on it as long as possible. However, the student's parents should check with their policy as to what benefits are available if the student does not stay in the local area. When a parent's insurance policy is not an option one can check with the school they plan to attend. Most schools offer student insurance. Another option would be for the student to purchase their own health insurance policy.
How flexible is the insurance, and does it allow out of network coverage? Is it a PPO or an HMO, what are the deductibles, monthly costs, and what does it cover?
Your homeowners insurance policy may or may not cover a ripped pool liner. It all depends on the policy form you choose when you purchase the homeowners insurance policy, the policy language and any endorsements. You should check with your agent or insurance company to determine whether it is a covered peril or not.
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You should review your insurance policy. The name of your insurer will be displayed on your policy declarations page.
Nowadays, the demand for used cars has grown in leaps in Malaysia. Car insurance plays a major role in buying a used car. If you are also purchasing a used car, then you need to understand the insurance policy terms and conditions of the used car. When you buy a used car in Malaysia, there are certain things you should know to purchase insurance for your car. For examples:- Check Insurance Papers Transfer insurance policy ownership Buy a new insurance policy if previous owner does not have one
A very common purchase, made by millions of people each year, is to purchase new expensive jewelry for themselves or for someone else as a gift.� While the jewelry can be an excellent gift, it can be very expensive to replace if it is lost, damaged, or stolen. � To ensure that you are able to replace the jewelry, you should purchase jewelry insurance.� Jewelry insurance is a separate insurance policy, which can normally be purchased as an additional rider to your home insurance policy.� This policy will cover replacement of the jewelry if it is lost, stolen, destroyed, or damaged.
Yes, everyone should have umbrella insurance. It will help cover you if an accident happens on your property and it is deemed your fault. Normal insurance has liability limits and it will keep you from going bankrupt after a lawsuit.
Check with your agent or broker. If you have a comprehensive policy there should be coverage
Yes, you should have some type of business liablity policy, contact a good agent and they will be able to assist in protecting you.
Yes you can and should purchase uninsured motorists coverage on your liability policy. We always quote this coverage on every policy we write and rarely have anyone say they don't want the coverage, especially when you explain what it does and how little it costs.
It's probably best to add your son to your policy as soon as he gets his license and have him noted as an occasioinal driver. This way he gains "insurance experience", so that when the time comes for him to obtain his own insurance he may pay less because the insurance company has a history of his driving.
At a place that sells insurance. Photography insurance is pretty much normal insurance. You should be able to purchase photography insurance where you normally buy your insurance.
Your life insurance policy should contain a provision that stipulates if the policy covers death by homicide. It really varies from policy to policy, depends on the insurance company, etc.
It depends on why your being sued. If your homeowners insurance covers the act that caused the suit, then you should have legal defense costs coverage if you purchased liability insurance with your homeowners insurance policy. If you did not purchase liability coverage then your insurance company will not defend you.
It should. You should request a policy review with your agent. It has to be stated in the policy what is and is not covered. <><><> DO review your policy with your agent. Sewer Backup is typically EXCLUDED from most homeowner's insurance. It CAN be added to a homeowner's policy. Have you read your policy?
The owner will usually have a policy but if you are a renter, you should have a renters insurance policy to cover your personal belongings.
A teen in Rhode Island should get their own auto insurance policy when they get a car in their name.
The types of insurance that an individual should buy is home insurance, car insurance, disability insurance, life insurance, health insurance and liability insurance.
To find out if your insurance will cover bariatric surgery, look at the insurance policy. You should either have a hard copy of the policy that was sent via mail, or you can go online to the insurance website to access this policy.
An insurance policy should still remain valid for the remaining term following a claim providing that the claim is such that it does not require the insurer to cancel the policy. You should check with your insurer.
Homeowners Windstorm InsuranceMost homeowners Insurance Policies come standard with Windstorm Coverage unless you are in certain high risk areas. If your policy does not already have windstorm coverage and you need or prefer to have it you should contact your Insurance agent to ask about adding it to your policy.If the company you are currently with does not offer t he coverage for your area you may need to purchase through another provider.