Protection

Wills

Last Will and Testament is  legal document that communicates a person's final wishes pertaining to possessions and dependents.

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Wills

It doesn't hurt for everyone to have a living will. A living will is a written statement detailing a person's desires regarding their medical treatment. In most circumstances they are no longer able to express informed consent about what will happen to them. Take a look at an example of Living Will.

Power of Attorney: A legal document that grants authority to act for another person in specified, financial, or medical decisions when you are unable to do so yourself. A few of the decisions granted to the attorney-in-fact are as follows:

  • Financial decisions
  • Decisions about Gifts of money
  • Health care, including the ability to consent to giving, withholding, or stopping medical treatments, services, or diagnostic procedures. (Note: your loved one can also make a separate “health care power of attorney” to give only this power to an individual.)
  • Recommend a guardian

Emergency Fund

An emergency fund is an account used to set aside funds needed in the event of a personal financial dilemma, such as the loss of a job, a debilitating illness or a major expense. The amount of money needed for this fund should be at least your monthly expenses for 3-6 months.

This is a suggested amount to save for emergencies and may seem like a lot to be put aside. Rather then looking at 6 months of spending just start saving for today. Above all anything set aside is certainly better than nothing at all.

This money can be put into a short term investment therefore resulting in collecting some interest! Stay healthy and you might even be able to use this money for some fun.

INSURANCE

Life Insurance

There are two main types of Life Insurance routes to take Whole Life Insurance and Term Life Insurance.

  • Whole Life Insurance- A life insurance policy written to insure the entire life of the insured. Considered to be permanent.
  • Term Life Insurance- Conversely, is a life insurance policy that provides the insured person coverage for a certain period of time.

There are many different types of life insurance policies from whole life to term life policies. Additionally there are even more ways to package your whole life policies with an array of caveats . Among the many factors determining your premium payments these are the top questions asked:

  • Age
  • Gender
  • Health and health habits like smoking?
  • Family health history
  • Are you engaged in a hazardous occupation?
  • Dangerous hobbies like auto racing or sky diving

Death is a subject that most people do not like to think about. The amount of money it takes for death keeps rising, this is something you want to keep in mind. A $10,000 life insurance policy is only going to pay for your demise, which would be sufficant if you don't have any dependents or debts. Life insurance is generally a long term investment protecting your loved ones when you are gone. Get your Free Quotes today.

Health Insurance

Almost all work places provide some form of health insurance for the individual and their families. While the elderly will be on Medicare and may or may not have a supplemental insurance along with it. If you leave your job and will be unemployed for any length of time you should sign up for Cobra insurance which will be offered upon your departure from the company.

  • Medicare- Our country’s health insurance program for people age 65 or older.
  • The Consolidated Omnibus Budget Reconciliation Act or COBRA- Gives workers and their families who lose their health benefits the right to choose to continue group health benefits provided by their group health plan for limited periods of time under certain circumstances. Such as voluntary or involuntary job loss, reduction in the hours worked, transition between jobs, death, divorce, and other life events. Qualified individuals may be required to pay the entire premium for coverage up to 102 percent of the cost to the plan.

In conclusion there are many types of insurances to protect yourself, your family, and your personal property properly. So be sure to do your research as if your life depends on it.

 

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