MANAGING INSURANCE ISSUES FOR WOMEN
Women do just about everything these days. They run companies, join the armed forces and hold many state and federal offices. Women make a lot of tough business choices and take care of their families every day.
“Women make important decisions that affect us all.
They do so much for everyone else they don’t have time to stop and protect themselves with the proper insurance coverage,” says Frank N. Darras, the nation’s top insurance lawyer.
Darras believes that there just isn’t enough time in the day to begin the complicated process of true insurance protection.
Somehow women need to look at insurance as a necessity since it protects their lifestyle and protects the ones they love. “They can always solicit help so the process can be streamlined and productive,” say Darras.
Women need to first focus on what type of insurance they need and how much its going to cost. Darras has some hints for getting through the process:
LIFE INSURANCE
-- It’s important because it will leave your family financially sound disaster strike.
-- If you have enough money for burial and funeral expenses you may not need it. If you are single or no one depends on your income for financial support, chances are you don’t need it.
-- Who would raise your kids or could they go on to college if you weren’t here? These are tough scenarios to contemplate but we read and hear about them all the time and need to be prepared for them.
DISABILITY INSURANCE COVERAGE
-- Buy it when you are young and working. It’s cheaper
-- Make sure you purchase an "own occupation" policy that protects you if you can’t do the important duties of your own occupation even if you could work doing something else.
-- Watch the limitations on coverage clauses that often don’t pay for pregnancy or have limited benefits for fibromyalgia, chronic fatigue and mental nervous conditions.
-- Group disability coverage from your employer has very few consumer rights and remedies and the monthly benefits offset dollar for dollar for state disability insurance, workers compensation, social security or third party lawsuits that result in disability. These offsets often take your monthly benefit down to the minimum, in some cases to as low as 50 dollars a month..
LONG-TERM CARE
-- Wait until you are 50 to buy long-term care insurance.
-- If you are 50 and want to buy a Long-Term Care policy, completely understand the services it covers and who can provide that care.
-- Make sure your policy allows the following care: in your home, by a family member or friend, in the home of a family member, in an adult assisted care facility, in senior day care facility, a hospice facility or in a nursing home.
-- Understand how your policy works and what the elimination period is before benefits kick in.
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